Summary: Tian Hongliang, a special analyst for XM Group, provides a technical outlook for major forex pairs, gold, and indices for June 16. The analysis suggests a bearish bias for the US dollar, with key support levels identified for EURUSD and XAUUSD.
The US Dollar Index faced resistance at 99.80 on Monday, finding support at 99.35. The technical structure suggests the dollar could maintain a bearish bias on any rebounds.
EURUSD Technical Outlook
The Euro remains supported above the 1.1570 level. After establishing a low near 1.1570, the pair is trading with a bullish bias. Intraday support is seen at 1.1570-1.1575. A hold above this zone could push prices toward 1.1620-1.1625, with further upside potential targeting 1.1640-1.1645.
XAUUSD Gold Trading Strategy
Gold prices found support at 4261.00, with resistance at 4370.00. The metal is currently in a bullish phase following the rebound. Immediate support lies at 4268.00-4273.00. If this level holds, buyers may target resistance at 4372.00-4377.00, followed by 4422.00-4427.00.
GBPJPY & Cross Rates
The British Pound shows mixed signals against the Yen. USD/JPY can be bought on dips within the 159.90-160.55 range. The general risk sentiment remains a key driver for cross-pair movements.
Other Currency Pairs
GBP/USD: Sell on rally within 1.3395-1.3455 range.
USD/CHF: Sell on rally at 0.7915-0.7965.
AUD/USD: Buy on dip at 0.7045-0.7095.
USD/CAD: Sell on rally at 1.3955-1.4005.
Trading Strategy Note
For the US dollar, a sell-on-rally approach is recommended for the short term. Set stop-losses at break-even after 30 pips of profit, and cancel all pending orders before the US market open.
Reference: Compiled from Tian Hongliang's June 16 major currency short-term trading guide via Hexun.com and Zhongjin Online .