Forex Daily Forecast Jul 02 2019

EURUSD: Faces Pullback Threats! GBPUSD Risk Builds Down To 1.2555 Levels. USDJPY: Bullish But Hesitates Ahead Of 108.55 Levels AUDUSD: Halts Upsides, Weaknes! USDCAD: Bearish Despite Recovery Threats!

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Pound -dollar

EURUSD: Faces Pullback Threats!

As long as 1.1355 resistance holds on a daily closing basis. The EURUSD remains in a pullback mode, and further down couldn’t be ruled out. Support comes at the 1.1280 levels (main). A halt is likely, but a cut will extend the corrective fall to 1.1225 levels with a break below here paving the way to 1.1190 levels ahead of the 1.1160 levels.

On the upside. Immediate resistance comes at 1.1317 levels (broken support turned resistance). Above that level would challenge 1.1355/1.1400 levels where rejection is expected. Anyway; Above 1.1400 will restore the upside momentum and aims the 1.1455/1.1490 levels.

In conclusion: The EURUSD sees pullback threats below 1.1317/1.1355 levels.

Support:1.1280, 1.1225, 1.1690,1.1160, 1.1125

Resistance: 1.1317, 1.1355, 1.1400, 1.1455, 1.1490, 1.1540

GBPUSD Risk Builds Down To 1.2555 Levels.

As long as 1.2640 (broken support turned resistance) holds on a daily closing basis. The GBPUSD remains on the downside to 1.2555 levels. A halt is likely but a cut would open 1.1480 next, further down, support comes at 1.2418 levels ahead of 1.2375 levels.

On the upside, above 1.2640 sees limited gains to 1.2695/1.2745 levels before the next fall.

In conclusion: The GBPUSD faces fall risk below the 1.2640 levels.

Support: 1.2555, 1.2480, 1.2418, 1.2375, 1.2285

Resistance: 1.2640, 1.2695, 1.2745, 1.2812, 1.2865

USDJPY: Bullish But Hesitates Ahead Of 108.55 Levels

The USDJPY remains on the upside as long as trades above 107.75/108.08 levels on a daily closing basis. Resistance comes at 108.55. At this point, the USDJPY will have to break and hold above 108.55 levels to send the market for further upside gains. If seen, it will target the 109.00 levels. A halt is likely, it may test 108.55 before another rise. Anyway; Above 109.00 aims 109.59 levels. Next resistance comes at 110.35 levels.

Alternatively;  a failure to hold above the 108.55 levels could mean a return to the 108.08/107.75 levels. A cut through support will terminate the last bullish move and reverse risk to the 107.15/106.60 levels.

In conclusion: The USDJPY sees upside threats above 107.75/108.08 levels.

Support: 108.08, 107.75, 107.15, 106.60, 105.87

Resistance: 108.55, 109.00, 109.59, 110.35, 110.73

AUDUSD: Halts Upsides, Weaknes! 

The AUDUSD remains in a corrective pullback mode as long as trades below 0.7030 levels. But the downside move below 0.7030 should be contained well by the 0.6960/0.6928 levels. Anyway; below 0.6928 sees a fall risk to 0.6875 levels ahead of 0.6850 levels. Next support comes at 0.6800 levels.

On the upside. Immediate resistance comes at 0.7007 levels ahead of 0.7030 levels (main). Above 0.7030 will restore the upside momentum and aim the 0.7060 levels. Next resistance comes at 0.7100 levels ahead of 0.7138 levels.

In conclusion: The AUDUSD face corrective threats below 0.7030 levels.

Support: 0.6960, 0.6928, 0.6875, 0.6850, 0.6800, 0.6750

Resistance: 0.7030, 0.7060, 0.7100, 0.7140, 0.7200

USDCAD: Bearish Despite Recovery Threats!

The USDCAD remains on the downside as long as trades below 1.3150 levels on a daily closing basis. Support comes at 1.3075 ahead of 1.2975 levels. Above 1.3150 sees recovery threats to 1.3228 levels before another fall

In conclusion, the pair remains on the downside below 1.3150/1.3285 levels.

Support: 1.3075, 1.2975, 1.2870, 1.2790, 1.2700

Resistance: 1.3150, 1.3228, 1.3285, 1.3365, 1.3430