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Daily FX Brief, Jun 14 – Top 4 Trade Setups Worth Watching Today!

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Economic Events Today

 

 

EUR/USD – Daily Analysis

The single currency euro has shown recoil in the aftermath of the previous week’s ECB rate decision. Despite ECB’s dovish tone, the currency continues to manifest strength against both the USD and the Japanese Yen. Can Euro bears come back to make a mark? Well, the continuation of USD-weakness may continue to help provide bid support behind EUR/USD.

The EUR/USD touch bearish trend line and 200 hour M.A. The pair EUR/USD dropped below 200 hours moving average at1.1271-72 area but managed to stay above it. The major currency pair still holding outside the bearish channel which got violated back on June 7.

A move downside will target 61.8% at 1.1254 as the initial target. The upward aim is likely to be 1.1290 level and then see near the 100 hour MA at 1.310.

 

Daily Support and Resistance
S3 1.1249
S2 1.1286
S1 1.1307
Pivot Point 1.1322
R1 1.1343
R2 1.1358
R3 1.1395

GBP/USD – Daily Analysis

Sterling continues its bearish momentum amid a stronger Dollar and with the Pound facing renewed pressure from the defeat of the parliamentary vote designed to stop a hard Brexit.

GBP/USD takes benefits due to the U.K.’s receding political uncertainty There is two supportive news about this pair GBP/USD, first of all, a shrinking number to the United Kingdom PM’s race supporting GBP. Secondly, the announcement of failed candidates helps to decrease political uncertainty in the U.K., which will assist in GBP/USD towards 1.2680 during early Friday.

On the flip side, increasing political tensions between the U.S. and Iran and also trade tension between the U.S. and China both problem gives negative news. That’s putting a burden on the U.S. Dollar that has recently been under pressure.

 

Daily Support and Resistance

S3 1.2584
S2 1.2646
S1 1.2684
Pivot Point 1.2708
R1 1.2746
R2 1.2771
R3 1.2833

USD/JPY – Daily Analysis

The USD/JPY trades at 108.200, keeping a bearish trend due to the suspected attack on two oil tankers, far from shore Iran near the Strait of Hormuz.

The USD/JPY traded between 108.23 and 108.53 overnight, currently sliding in Tokyo, down -0.03% for the Asian session so far. On the flip side, the U.S. dollar has seen strong on Friday in Asia due to traders eyes on the decision of meeting which is held on June 19.

The U.S. FED is not expected to would come up with any changing in rates at its meeting on June 19, but markets hope the possibilities of a rate cut before the end of the year has grown due to slowing inflation and increasing trade tensions.

 

Daily Support and Resistance
S3 107.87
S2 108.24
S1 108.4
Pivot Point 108.6
R1 108.76
R2 108.96
R3 109.33

AUD/USD – Daily Analysis

The AUD/USD moves to 3 weeks lows due to aggressive RBA rate cut calls. On Friday, the Australian dollar continues to trade with bearish around the psychological trading level of 0.6900, due to aggressive RBA rates cuts in 2019.

Aussie got further hits after the National Bank of Australia reportedly put out forecasts calling for three rate cuts this year. The bank had predicted two rate cuts beginning this year. The AUD/USD pair is currently trading at 0.6898, representing 0.24% fall on the day. The Australian dollar may face losses during the day ahead if the China retail sales and industrial production number May blow past expectations.

The AUD/USD is violating a next support level of 0.6900. However, the violation of this level could open further selling trend until 0.6860.

 

Daily Support and Resistance
S3 0.6900
S2 0.6860
S1 0.6831
Pivot Point 0.6958
R1 0.6969
R2 0.6977
R3 0.6996

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