USDX (USD Index)
U.S dollar index maintains closes above the broken channel. The index survives sell-off but could not move higher than 100.64 resistance. It looks like the consolidation will kick in and let the index hovering between 100 – 100.64 for a while.
News to watch
04.00 AM RBA Gov Lowe Speaks
08.30 AM U.S Unemployment Claims, estimate 249k
01.30 PM UK BOE Gov Carney Speaks
07.30 PM Australia RBA Monetary Policy Statement
Tentative China Trade Balance expected surplus of $47.9 billion
For full outlook for this week, you can follow Forex Outlook For The Week 6 – 10 February 2017
Technical Analysis
EUR/USD
EUR/USD manage to bounce from 1.0640 support level, the price moving as expected bouncing inside 1.0640 – 10710. The development of the situation in Europe about Greece and also USA President Trump accusation on China, Germany, and Japan might become the next movement trigger.
Today critical level to watch:
Support: 1.0640, 1.0590, 1.0562, 1.0500
Resistance: 1.0710, 1.0800, 1.0825, 1.0910
GBP/USD
Upward movement in GBP/USD slowed down but not stopped yet. The price has targeted at 1.2670 and looks to reach it in several days.
Today critical level to watch:
Support: 1.2550, 1.2500, 1.2480, 1.2400, 1.2380
Resistance: 1.2670, 1.2800
USD/JPY
No close above 112.50 which put USD/JPY bullish trend under threat. The price is moving inside new consolidation range 111.60 – 112.50 and might continue for several days. Traders could take a breakout either side with low risk below 100 pips.
Today critical level to watch:
Support: 112.00, 111.62, 110.50
Resistance: 112.56, 112.87, 115.90
AUD/USD
AUD/USD is moving inside a newly established channel, and the price looks to move down toward the green trendline and test it. If AUD/USD survive the trendline test, it will bounce and move higher with target 0.7750.
Today critical level to watch:
Support: 0.7590, 0.7550, 0.7523, 0.7500, 0.7421
Resistance: 0.7660, 0.7688, 0.7748