Weekly Forex Forecast For June 3-7, 2024

·    May 31, 2024

·      May 31, 2024

·    May 31, 2024

How might the US dollar resolve next week? Will the US Dollar Index (DXY) continue its 2024 rally with a 105.10 breakout, or will dollar bears finally break channel support?

Find out in today’s video with the latest on the DXY, EURUSD, and GBPUSD for the week ahead.

US Dollar Index (DXY) Forecast

The DXY was rejected again this week from 105.00 resistance, but dollar bulls aren’t backing down from defending 104.45 support.

The 104.45 level is the bottom of an ascending channel that has held all year long.

However, DXY bulls must take out 105.10 next week if they intend to push the dollar higher.

Until then, it’s a ranging market between 105.10 and 104.45.

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DXY 2024 05 31 19 20 34
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EURUSD Forecast

EURUSD has been sideways since May 15th, with the pair bouncing between the 1.0800 support area and the 2021 descending trend line we’ve discussed for weeks.

Neither sellers nor buyers have won the battle just yet, so more time is needed to declare a direction.

With that said, I have to favor shorts while the EURUSD trades below 1.0865 on the high time frames.

This area coincides with 104.45 support for the DXY.

A sustained break above 1.0865 would expose 1.0925, while a sustained break below 1.0790 would open up 1.0725.

EURUSD 2024 05 31 19 21 42
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GBPUSD Forecast

I’ve previously discussed the significance of 1.2800 resistance, and GBPUSD offered a perfect retest of the level this week.

Tuesday’s session reached a high of 1.2801 just before dropping 120 pips.

However, so far, the 1.2685 level is attracting enough demand to keep GBPUSD afloat for another week.

That leaves GBPUSD locked between 1.2685 and 1.2800 as we head into next week.

But as mentioned above, I have to favor shorts while the pound trades below 1.2800 on the higher time frames.

GBPUSD 2024 05 31 19 22 48
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