Summary: Tian Hongliang, a special analyst for XM Group, provides a technical outlook for major forex pairs, gold, and indices for June 11. The analysis suggests the dollar may continue its bearish trend, with key levels for EURUSD and XAUUSD highlighted amid current market volatility.
The US Dollar Index faced resistance at 100.05 on Wednesday, finding support at 99.70. The technical structure suggests the dollar could maintain a bearish bias on rebounds, with downside targets at 99.75-99.60.
EURUSD Technical Outlook
The Euro remains supported after finding bids at 1.1530 and facing resistance at 1.1575. If the pair holds above 1.1525 on today's pullback, the upside targets are 1.1570-1.1590. Intraday resistance stands at 1.1565-1.1570, while support holds at 1.1525-1.1530. A break below 1.1510 could signal further weakness.
XAUUSD Gold Trading Strategy
Gold prices encountered resistance at 4263 and support at 4081 on Wednesday. After rebounding, the metal shows potential for downside continuation. If gold faces resistance below 4149 today, downside targets point to 4034-3967. Key resistance lies at 4144-4149, with major resistance at 4210-4215. Support levels are at 4034-4039, followed by 3967-3972.
GBPJPY & Cross Rates
GBP/USD can be bought in the 1.3415-1.3355 range, with stops on a break below 1.3330. USD/JPY continues to show buying interest, with support at 160.30 and resistance at 160.70.
Other Currency Pairs
USD/CHF: Sell on rallies within 0.8010-0.7970 range.
AUD/USD: Buy on dips at 0.7035-0.6990 range.
USD/CAD: Sell on rallies at 1.3965-1.3905 range.
Reference: Compiled from Tian Hongliang's June 11 major currency short-term trading guide via Hexun.com and Cnfol.com [citation:1][citation:2].