USDX (USD Index)

U.S dollar index cleared the resistance hurdle in the Friday trading session. The index closed higher with strong bullish momentum and expected to continue its bullish movement this week. On the upside, 99.40 – 100.00 will become the target.

Traders might want to continue to hold long positions for now in the U.S dollar.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 10 – 14 February 2020

EUR/USD

No bullish reaction after the test on 1.1000 support level. EUR/USD continues its bearish movement below the support level and confirmed the medium-long-term bearish trend. This week, traders could prepare for short positions if the pair manage to reach 1.1000.

today critical levels to watch:

Support: 1.0900

Resistance: 1.1000, 1.1120, 1.1185

GBP/USD

The path has been opened for the bear in GBP/USD. We have two consecutive bearish close below 1.3000 and GBP/USD expected to continue toward daily SMA 200. If the pair manages to bounce from the SMA 200 or 1.2800 then GBP/USD might trade between 1.2800 – 1.3000.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3050, 1.3125, 1.3250

USD/JPY

USD/JPY maintained the level inside 109.70 – 110.00 resistance is at the end of the week. The pair produce a bearish reaction but it could be regarded as temporary profit-taking. If the pair could surpass 110.00 and close above it this week then USD/JPY might continue its uptrend toward 110.50 – 111.00.

Today critical levels to watch:

Support: 109.70, 109.00, 108.50, 108.00

Resistance: 110.00, 110.50, 111.00

AUD/USD

No change to the bearish outlook in AUD/USD. The pair rejected from 0.6750 and moved lower with strong bearish momentum. We have a lower low printed on the chart in the Friday trading session. This week, the pair expected to continue to move further lower and traders could continue holding short positions.

Today critical levels to watch:

Support: 0.6600

Resistance: 0.6750, 0.6800, 0.6820