Forex Technical Major Pairs analysis January 9, 2020

By • Posted in Forex

USDX (USD Index)

U.S dollar index extends its bullish movement and reaches the resistance 97.50 today. The index could continue its upward movement and target the daily SMA 200. At the current time, there is no clue on the index next direction. Traders will observe the market reaction near SMA 200.

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EUR/USD

EUR/USD closed below SMA 200, 1.1120 and the trendline support. It seems the pair could fall into a bearish trend after the event. However, there is a chance for EUR/USD to avoid the continuation of the bearish trend, as long as the pair could close above SMA 200 by the end of the week.

Traders could enter long positions when there is a bullish close above SMA 200.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

We have a range span between 1.3000 – 1.3250 in GBP/USD. The pair currently testing the 1.3000 – 1.3050 area where traders could look for long positions. GBP/USD could continue its ranging movement as long as there is no close outside of the range by the end of the week.

Today Critical level to watch:

Support: 1.3050, 1.3000, 1.2800, 1.2625

Resistance: 1.3125, 1.3250

USD/JPY

USD/JPY reversed its bearish pressure entirely and closed above SMA 200 and the 109.00 resistance. The pair continues its bullish pressure today and getting near 109.70 – 110.00 resistance. It seems a resistance test will happen soon and traders will once again observe the market reaction near the resistance area.

Today critical levels to watch:

Support: 109.00, 107.40, 107.00

Resistance: 109.70, 110.00

AUD/USD

No further reaction from the market yet after AUD/USD closed below SMA 200. The pair still waiting for a clue in the next direction. Will the pair continue its bearish movement below the SMA 200 and resume its bearish trend? Alternatively, will it return above the SMA 200 and restart the bullish trend?

Today critical levels to watch:

Support: 0.6820, 0.6800

Resistance: 0.6900, 0.7000

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