USD Extends Its Latest Gains!| KOL Analysis•Olimpiu Tuns

The US dollar dominates the market in the short term as the USDX has managed to stay higher. The greenback will appreciate further if the index will make another higher high, to close above the 97.73 level.

The dollar is trading in the green versus the EUR, GBP, and versus the JPY, but you should be careful today as the fundamentals could shake the currency market. The Yen was punished by the Japanese poor data today, the Unemployment Rate has increased from 2.6% to 2.9%, more versus the 2.8% estimates, while the Prelim Industrial Production has plunged by 8.4%, even if the specialists have expected only a 5.6% decrease.

The UK is to release the Current Account, Final GDP, and the Revised Business Investment indicators, some poor figures could send the GBP/USD towards fresh new lows. The Euro-zone CPI Flash Estimate and the Core CPI Flash Estimate will bring life on the EUR/USD. On the other hand, the USD needs more support from the US data to be able to capture more ground versus its rivals.

The US CB Consumer Confidence could increase from 86.6 to 91.6 points, while the Chicago PMI is expected to jump from 32.3 to 45.0 points in June, better than expected data will boost the dollar. Still, the FED Chair Powell Testifies and the FOMC members speeches will bring high volatility in the US session.

● EUR/USD Under Pressure

EUR/USD has failed to reach and retest the upper median line (UML) of the descending pitchfork, it has registered only a false breakout above the 1.1240 and above the R1 (1.1243) levels signaling that the bears are very strong in the short term.

As Ive said yesterday, a valid breakdown below the 1.1200 and another lower low, a drop below 1.1167 will confirm a further drop on the Daily chart towards the 1.1 psychological level. The critical resistance remains at the upper median line (UML) of the descending pitchfork, only a valid breakout above this line will signal that the correction is finished and it will announce another leg higher.

Another lower low could suggest a drop towards the median line (ML) of the descending pitchfork, the median line acts as a magnet and attracts the price. The false breakouts above the upper median line (UML) could send the rate towards this dynamic support.

If you want to go long on this pair, you should wait for a valid breakout above the upper median line (UML), to be certain that EUR/USD will resume its swing higher.

● GBP/USD Approaches A Strong Confluence Area

GBP/USD is trading in the red and it seems too heavy to be stopped on the Daily chart. It has failed to stabilize above the 50% retracement level, has plunged below the inside sliding line (SL) of the ascending pitchfork, and now it is almost to reach the 38.2% level and the median line (ml) of the minor black descending pitchfork.

A valid breakdown through the near-term support levels (ml, 38.2) will confirm a larger downside movement, while a rejection, false breakdown with great separation below the confluence area formed at the intersection between the median line (ml) with 38.2% will suggest another bullish momentum.

● USD/JPY Reversal In Play

USD/JPY is traded at 107.68 level and it seems determined to resume its upside journey after the breakout above the PP (107.28) level. The perspective is bullish in the short term as long a the pair is traded above the median line (ml) of the minor ascending pitchfork.

The next upside target is seen at the upper median line (uml) of the minor ascending pitchfork. A minor retreat could give us a great chance to go long again. USD/JPY could climb way higher if the USDX and the Nikkei will increase.

USD/JPY is expected to increase after the aggressive breakout from the minor descending channel between the sliding lines (SL) of the descending pitchfork and after the pin bar developed right on the S1 (106.47) level.

[About The Author]

Olimpiu Tuns

is a seasoned market analyst / trader / trainer on the financial

markets with expertise in forex, cryptocurrencies, commodities, futures,

options, index, CFD for more than 8 years. He is also a famous blogger

in both technical and fundamental analysis, trading signals, trade

setups, etc.

He

has worked as a Market Analyst / Consultant for three major Brokerage

companies, Admiral Markets, MultiBank Exchange Group and InstaForex

(live webinars, market analysis, educational materials, video analysis,

video tutorials, ghostwriting, content creator), as a Social Media

Manager and as a Financial Markets & Crypto Analyst / Contributor

for very important news portals/blogs (investing.com, benzinga.com, forexalchemy.com actionforex.com, countingpips.com), websites, educational platforms (Forex.Academy, Forex.Today), independent clients, etc.

Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.

WikiFX

App is a third-party inquiry platform for company profiles.WikiFX has

collected 17001 forex brokers and 30 regulators and recovered over

300,000,000.00 USD of the victims.

It, possessed by Wiki Co., LIMITED that was established in Hong

Kong Special Administrative Region of China, mainly provides basic

information inquiry, regulatory license inquiry, credit evaluation for

the listed brokers, platform identification and other services. At the

same time, Wiki has set up affiliated branches or offices in Hong Kong,

Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted

WikiFX to global users in more than 14 different languages, offering

them an opportunity to fully appreciate and enjoy the convenience

Chinese Internet technology brings. WikiFXs social media account as

below:

Facebook:

USA Area：https://www.facebook.com/WikiFX.US/

UK Area：https://www.facebook.com/Wikifx.UK/

Australia Area：https://www.facebook.com/WikiFX.au

Nigeria Area：https://www.facebook.com/WikiFX.ng

Twitter：

Areas where English is an official language：https://twitter.com/WikiFX_Eng

More details about how to download WikiFX App:

Please download WikiFX APP from links below or scan QR code ：

App Store: https://apps.apple.com/us/app/fxeye/id1402501387？l=zh&ls=1

Google Play: https://play.google.com/store/apps/details？id=com.foreigncurrency.internationalfxeye

If you have any questions, please feel free to contact us at wikifx@wikifx.com

Worried about missing out latest trends in the volatile market？ WikiFX ‘News Flash’ is here to help!

With

24-hour real-time update of forex market data by minute, you can seize

the opportunity of every bullish market! Bookmark the link below and

follow the market trends immediately!

UK Area：https://live.wikifx.com/uk_en/7x24.html

USA Area：https://live.wikifx.com/us_en/7x24.html

Nigeria Area：https://live.wikifx.com/ng_en/7x24.html

Australia Area：https://live.wikifx.com/au_en/7x24.html

Wiki Forum Forum Function:

In order to help more investors, WikiFX has launched the WikiFX

Forum forum, which aims to provide urgently needed and professional

services to Nigerian forex investors.

The exposure function of “WikiFX Forum” includes the following features:

1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)

As long as there is sufficient evidence, a review panel and an

executive team will contact the broker to discuss the complaint or

expose it directly through the media. Here are the exposure channels:

2: Block low score brokers from entering the forum

3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;

4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of WikiFX Forum.

WikiFX APP exposure channel: https://activities.wikifx.com/gather/indexng.html

Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html

Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html