Forex Technical Major Pairs analysis June 7, 2018

USDX (USD Index)

Free $50 Forex No-Deposit Bonus

U.S dollar index slip in today trading session, resume the bearish outlook this week. If the index continues as expected, then it will reach 93.00 support level soon. We still expect the index will trade between 93.00 – 94.00 by the end of the week and set the level before next week FOMC interest-rate decision.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 4 – 8 June 2018

Technical Analysis

EUR/USD

EUR/USD extend the bullish movement and surpass 1.1820 today. The movement above 1.1820 is bullish, and with enough pressure, EUR/USD could overturn the current bearish trend. Nevertheless, the pair looks will continue higher and reach 1.1925 before correcting. However, next week interest-rate decision might influence traders to reduce positions.

Today critical level to watch:

Support: 1.1820, 1.1710, 1.1650

Resistance: 1.1925, 1.2000

GBP/USD

GBP/USD is riding the wave upside and reach the resistance 1.3450 today. The level is a support level previously which turned into resistance. If the pressure is strong enough, then the bull might reclaim the level. However, rejection from the resistance will lead GBP/USD down to test May low.

Today critical level to watch:

Support: 1.3330, 1.3300

Resistance: 1.3450, 1.3500

USD/JPY

It is the most interesting time for USD/JPY as the pair testing daily SMA 200. Most of the time the test result in rejection and the pair resume the movement to breakout direction. Will we see a breakout or rejection from the daily SMA 200?

Today critical level to watch:

Support:  109.00

Resistance: 110.00, 110.50, 111.00

AUD/USD

AUD/USD enter the area 0.7640 – 0.7690 and waiting for next direction. The pair has more potential upside toward the daily SMA 200. However, overall trend stays bearish for daily chart. If the pair rejected from the area and fall sharply then traders might want to exit any long position. Meanwhile, the pair expected to move sideways between 0.7640 – 0.7690 until FOMC rate decision.

Today critical level to watch:

Support: 0.7640, 0.7600, 0.7550

Resistance: 0.7690, 0.7750

Copyright © 2018. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.