USDX (USD Index)

Well protected above 94.5, US dollar index formed bullish candlestick on Yesterday close. Although it is not a really strong candle, we can see support respected, and this will continue until Friday Jackson Hole Meeting. A bounce at the current level will convince bull for another rally, while a break will accelerate down quick to next support level.

EIA will release Crude Oil inventories number today, and analyst expects 0.5M reduction in stock.

Technical Analysis

EUR/USD

Its third day close above 1.1300, bull looks interested in moving up Yesterday, everything looked promising but in the end, it decides to stay cautious before any news release. EUR/USD now touch h4 trendline support, will it bounce and close above 1.1300 again today?

Today critical level to watch:

Support: 1.1300, 1.1260, 1.1240, 1.1200

Resistance: 1.1350, 1.1400, 1.1420, 1.1500

GBP/USD

Short covering still the topic of the day, GBP/USD moving up without any strong sentiment clearing significant resistance at 1.3176. A cluster of resistance between 1.3250 – 1.3300 will be the final target before Jackson Hole meeting tomorrow.

Today critical level to watch:

Support: 1.3200, 1.3176, 1.3120

Resistance: 1.3250, 1.3280, 1.3300

USD/JPY

Similar to Yesterday, the range gets smaller for USD/JPY between 100.00 – 100.50. Expect price will range until Friday news release.

Today critical level to watch:

Support: 100.00, 99.00

Resistance: 100.5, 101.5, 102.00

AUD/USD

AUD/USD 4H chart formed a decent engulfing bar, and it might move up into triangle range. Observe reaction to the black trendline. If Bull can close above it, it will be a good sign to add Long positions.

Today critical level to watch:

Support: 0.7580, 0.7500, 0.7420

Resistance: 0.7700, 0.7720, 0.7750