USDX (USD Index)
The movement of U.S dollar index halted at the top of the yellow box once again and showing sign of weakness. If the bear could continue to push the index down then we might see it continue ranging movement inside the yellow box. However, the bull still has a chance to reverse the situation and close the index higher today.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 10 – 14 September 2018
Technical Analysis
EUR/USD
EUR/USD closed below 1.1580 but the bull still persists and attempting to bring the pair back above the level. There is no conclusion yet of breakout lower. Today price close might determine this week price movement. Traders could place long position near 1.1580, speculating the bull will take control this week.
Today critical level to watch:
Support: 1.1580, 1.1500, 1.1360
Resistance: 1.1600, 1.1650, 1.1710
GBP/USD
GBP/USD tested 1.3000 in Friday trading session and there was bearish rejection from the level and the pair settled below its opening level. Today, there is not much movement yet but the pair looks trying to climb and test 1.3000 again. Will we see higher close today and another test of 1.3000 this week?
Today critical level to watch:
Support: 1.2800, 1.2700, 1.2625
Resistance: 1.3000, 1.3100
USD/JPY
USD/JPY made another upset for the bear as the pair closed the week near 111.00 and cancel the bearish build but by the end of the week. The close is positive, but it brought stalemate situation back into the play and we could expect USD/JPY traded sideways between 110.50 – 112.00 this week.
Today critical level to watch:
Support: 111.00, 110.50, 110.00
Resistance: 112.00, 112.50
AUD/USD
AUD/USD closed below 0.7160 and print a lower low which is a sign of bearish continuation. The pair is hardly tradeable for the bull as well as for the bear. 0.7160 will become the level to watch when retest happen. No position suggested yet under the current situation. However, conservative traders will stick with the bearish position.
Today critical level to watch:
Support: 0.7100, 0.7000
Resistance: 0.7160, 0.7300, 0.7330