USDX (USD Index)
The index corrected lower and made another close below 99.40. It is currently maintaining the level near it. Traders might want to avoid short positions in the U.S dollar for now. Without third bearish close below the previous day low then the index might climb above 99.40 and continue its bullish movement.
News to watch
10.00 AM U.S CB Consumer Confidence, forecast 132.6
For full outlook for this week, you can follow Forex Outlook For The Week 24 – 28 February 2020
EUR/USD
EUR/USD entering the bullish corrective phase and the pair climbed above 1.0800. It might extend the bullish movement toward 1.0900. Traders will continue waiting sideline for now or enter short-term long positions with a stop below the previous swing low. Short positions could be considered when the pair hit 1.0900 and form a bearish pattern.
today critical levels to watch:
Support: 1.0800, 1.0700
Resistance: 1.0900, 1.1000
GBP/USD
GBP/USD range currently span between 1.2800 – 1.3000. The pair moving higher and tested the level near 1.3000. No major reaction yet from the resistance level. When the pair produce a bearish reaction, traders could enter short positions with daily SMA 200 or 1.2800 as the target.
Today Critical level to watch:
Support: 1.2800
Resistance: 1.3000, 1.3050, 1.3125, 1.3250
USD/JPY
USD/JPY rejected from the resistance 112.00 and drop toward 110.50. At the current time, the pair supported by the level and attempt to bounce from it. A bounce from the 110.50 could lead the pair higher and target 112.50. Traders could enter long positions near 110.50 with a stop below 110.00.
Today critical levels to watch:
Support: 110.50, 110.00
Resistance: 111.00, 112.00, 112.50
AUD/USD
AUD/USD stays near the low and not showing indication to bounce. No change to the direction of the pair which is pointed to the downside. Traders better avoid long positions for now and prepare for short positions when the pair make a bullish correction.
Today critical levels to watch:
Support: 0.6600, 0.6500
Resistance: 0.6662, 0.6750