Forex Technical Major Pairs analysis June 30, 2020

USDX (USD Index)

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U.S dollar index initially fell with moderate bearish momentum but at the end of the day, the index moved higher and closed near its opening level. At the current time, the index stick near the 97.50 resistance level. Will the index continue higher and target the 98.40 and daily SMA 200?

EUR/USD

EUR/USD moved higher and reached the level near 1.1300 before it reversed. The pair initial bullish reaction ended with a close inside the Friday range. It means no breakout and there might be bearish reversal under progress. The pair currently show bearish pressure but maintain the level above the previous day low.

We expect the pair to continue trade between 1.1185 – 1.1360 for now.

today critical levels to watch:

Support: 1.1185, 1.1120

Resistance: 1.1300, 1.1360, 1.1500

GBP/USD

GBP/USD drifted lower slowly toward the 1.2000 – 1.2200 support area. The overall trend is sideway inside the 1.2000 – 1.2625. No change to the outlook yet at the current time, traders will continue to hold short positions and wait for the major bullish pattern formed.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY range span between 106.70 – 108.00. At the current time, the pair head higher toward the 108.00 and daily SMA 200. We think the pair will continue its ranging movement between 106.70 – 108.00 until breakout happen. Traders will monitor the pair reaction near 108.00 and daily SMA 200 for now.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00, 110.00

AUD/USD

AUD/USD continues its consolidation near the 0.6820 level. No change to the outlook yet which means the pair will continue trading between 0.6820 – 0.7000. We expect the pair to continue moving upward and target 0.7160. However, if bearish breakout happens then AUD/USD might fall toward the 0.6700 and daily SMA 200.

Today critical levels to watch:

Support: 0.6820, 0.6750, 0.6700

Resistance: 0.7000, 0.7160

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