Daily Forex Technical Trend Bias Key Levels Wed 12 Jun

EUR/USD – Further potential push up remains in progress

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Continued to inch higher as expected to print a marginal higher high of 1.1337 in yesterday, 11 Jun U.S. session. (click here for a recap on our previous report). No major changes on its key elements, maintain bullish bias with 1.1290 remains as the key short-term pivotal support (also the pull-back of the former descending resistance from 24 Sep 2018 & the lower boundary of a minor ascending channel from 30 May 2019) for a further potential corrective push up to retest last Fri, 07 Jun swing high area of 1.1350 before targeting the the key medium-term resistance at 1.1420/1450 (also the major descending trendline in place since 15 Feb 2018 & the 20 Mar 2019 swing high area).
On the other hand, a break with an hourly close below 1.1290 suggests a failure bullish breakout for a slide back towards the next near-term support at 1.1215 within a medium-term range configuration in place since 26 Apr 2019 low.

GBP/USD – 1.2785 remains the key resistance to watch

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Inched higher but remained below the 1.2785 key short-term pivotal resistance. Maintain the bearish bias for a potential push down to retest 1.2605 and a break below it reinforces a further slide towards the major support of 1.2545/30 (also the primary ascending range support in place since 07 Oct 2016 low).
On the other hand, an hourly close above 1.2785 invalidates the bearish scenario for an extension of the corrective rebound towards the 1.2890 key medium-term resistance (also the descending trendline from 13 Mar 2019).

USD/JPY – Bulls rejected below 108.65 key resistance

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Yesterday, the bullish force got rejected again right below the 108.65 key short-term pivotal resistance (also the upper limit of the minor “Expanding Wedge” as expected after a test on it in the European session (printed a high of 108.80).
Interestingly, the hourly RSI oscillator has shaped a bearish divergence signal near its overbought region which suggests that short-term upside momentum has abated. Maintain bearish bias below 108.65 key short-term pivotal resistance for a potential drop to retest 107.80 and a break below it reinforces a further slide towards the next near-term support at 107.30/10 (Fibonacci expansion cluster).
On the other hand, an hourly close above 108.65 invalidates the bearish scenario for a squeeze up to retest the next intermediate resistance at 109.25 (also the descending trendline resistance in place since 24 Apr 2019 high that has capped previous bounces).

AUD/USD –Further potential push down below 0.7010/25 key resistance

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No major changes on its key elements; maintain bearish bias below the 0.7010/7025 key short-term pivotal resistance for a further push down to test 0.6935 and a break below it sees a further potential slide towards the 0.6860 range support.
On the other hand, an hourly close above 0.7025 negates the bearish tone for an extension of the corrective rebound towards the key medium-term resistance at 0.7065/85.

Charts are from eSignal

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