Forex Technical Major Pairs review January 11, 2017

USDX (USD Index)


It is high time for U.S dollar index to start a significant retreat from its gain. Wednesday market has become another indication of the bearish sentiment in the index will continue. We have President Trump press conference which delivers no hint on fiscal policies. The no hint session was expected, and this initially incites sell-off in the equity market, in the end, the market return to equilibrium.

The weakness in U.S dollar index shown by the bearish engulfing pattern in the H4 chart and a possible lower low printed.

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

Technical Analysis


The test of water was already done in EUR/USD when the pair visited green box area. The visit printed bullish engulfing pattern and provided reason for the pair to move upward. Daily close above 1.0590 is preferred but not mandatory as long as the price can maintain its position above 1.0513.

Today critical level to watch:

Support:  1.0562, 1.0500, 1.0479

Resistance: 1.0580, 1.0640, 1.0710, 1.0800


Pound toasted after the rumor about hard Brexit re-emerge, the currency continue depreciating across the board. GBP/USD fell when President Trump press conference, the pair almost touched 1.2000. Fortunately, the bull appeared and popped the price up.

There is flip level between 1.2200 – 1.2230 which is a big barrier for the bull to remove. Without daily close inside or above the area, the pair risk more bearish attempt.

Today critical level to watch:

Support: 1.2000

Resistance: 1.2200, 1.2230, 1.2270, 1.2300


Another bearish attempt in USD/JPY, the bear brought the price lower than bullish candlestick low 115.06 but quickly bought by the bull. It is a hard day for the bull, but it looks like the pair will close above series of low which is bullish.

Today critical level to watch:

Support: 115.00, 114.20

Resistance: 115.90, 116.00, 116.80, 117.80, 108.00


The pop in AUD/USD canceled all bearish view and provided no more reason to short the pair. The pair closed above its H4 SMA 200 and continued upward after successful re-test of it. It also broke through the Fibonacci retracement level to confirm bullish sentiment.

Without any significant resistance above the current level, the pair expected to reach 0.7500 – 0.7550 area soon.

Today critical level to watch:

Support: 0.7421, 0.7400, 0.7370, 0.7340, 0.7300

Resistance:  0.7500, 0.7523, 0.7550

Copyright © 2017. All Rights Reserved. FXDailyReport.Com