Daily Forex Technical Major Pairs analysis February 17, 2017

USDX (USD Index)

Weakness in U.S dollar index confirmed after the index broke below the pin bar pattern. The pin bar pattern followed the shoulder-head-shoulder pattern which is a big threat for the index. If the index moves lower below 99.23 and the bullish trendline. We could see an extremely bearish scenario in play.

News to watch

04.30 AM UK Retail Sales, estimate 1% increase monthly

For full outlook for this week, you can follow Forex Outlook For The Week 13 – 17 February 2017

Technical Analysis

EUR/USD

Bullish pin bar pattern break drives the pairs up toward 1.0640 – 1.0710 area. The momentum looks strong and might continue toward the 1.0800 – 1.0825 area. No major news to watch today, but it is Friday which might put all movement to hold. Nevertheless, traders could look for a long position if the price falls to 1.0640 while looking for a short position at 1.0710 and 1.0800.

Today critical level to watch:

Support:  1.0640, 1.0590, 1.0562, 1.0513, 1.0500

Resistance: 1.0710, 1.0800, 1.0825

GBP/USD

The bounce in GBP/USD lead the price back inside 1.2480 – 1.2550 area. The return into consolidation area greeted by a blue bearish trendline which the price need to test before next movement. GBP/USD might consolidate inside 1.2480 – 1.2550 area and disregard the trendline resistance as the week soon come to an end.

Today critical level to watch:

Support: 1.2480, 1.2400, 1.2380, 1.2333

Resistance: 1.2500, 1.2550, 1.2670, 1.2800

USD/JPY

Rejection confirmed and put USD/JPY down, the action in price opened bearish scenario toward 112.50 with extension to 110.50. Traders will observe price reaction at 112.50 before placing next position.

Today critical level to watch:

Support: 112.87, 112.56, 112.00, 111.62, 110.50

Resistance: 114.00, 115.90, 117.52

AUD/USD

Unstoppable AUD/USD maintained its position above 0.7688. The path is up for the pair and the outlook unchanged unless the support 0.7688 break and the price move lower.

Today critical level to watch:

Support: 0.7688, 0.7660, 0.7590, 0.7550, 0.7523

Resistance:  0.7748

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