Daily Forex Technical Major Pairs Analysis January 10, 2017

USDX (USD Index)

U.S dollar index closed lower below the orange box and set to enter the bearish scenario. The index continues lower today, if it can break lower than 101.30, then we will see 100.00 in the short-term. No major news o the schedule this Tuesday, which mean the index will continue trending base on the latest trend.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 9 – 13 January 2017

Technical Analysis

EUR/USD

The bull protected 1.0513 and pushed the price up above the resistance 1.0590. Under current trend, traders might see EUR/USD challenge nearest resistance at 1.0640. If the bullish momentum is accelerating when resistance test, then we might see further extension toward long-term resistance at 1.0800 – 1.0825.

Today critical level to watch:

Support:  1.0580, 1.0562, 1.0500, 1.0479

Resistance: 1.0640, 1.0710, 1.0800

GBP/USD

Contrary to the advance in other major pairs, GBP/USD bearish pressure persist and put the price lower below 1.2200. The close below 1.2200 opened the opportunity for GBP/USD to test 1.2000. Bear trader will look at 1.2200 – 1.2230 area for the high odds short position.

Today critical level to watch:

Support: 1.2000

Resistance: 1.2200, 1.2230, 1.2270, 1.2300

USD/JPY

Initially, the bull cheered the fake break on USD/JPY, but the rally is short-lived and the pair return to its critical level. It is not decided yet where USD/JPY will be headed to next, 115.90 will provide either support or resistance and a close either below 115.00 or above 117.50 will start a new trend.

Today critical level to watch:

Support: 115.90, 115.00, 114.20

Resistance: 116.00, 116.80, 117.80, 108.00, 118.80

AUD/USD

AUD/USD Bear unable to hold the price below its H4 SMA 200, the price moved up but capped at 0.7384 which is the 61.8% Fibonacci Retracement level. If the resistance can absorb all buying pressure, then we will see the price to start moving lower. The current level is the best place to take a short position with a tight stop-loss.

Today critical level to watch:

Support: 0.7340, 0.7300, 0.7286, 0.7239, 0.7225, 0.7195

Resistance:  0.7370, 0.7400

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