USDX (USD Index)
U.S dollar index is moving down inside the red channel and bounce at the lower part of the channel. The index might move up from this current level and touch the top of the channel.
News to watch
08.30 AM U.S Core Retail Sales come out 0.2%, lower than estimated 0.5%. And retail sales increase 0.6% higher than 0.5% estimate. Also PPI increase 0.3% vs. estimate 0.1%.
10.00 AM U.S Prelim UoM Consumer Sentiment, estimate reading of 98.6
For full outlook for this week, you can follow Forex Outlook For The Week 9 – 13 January 2017
Technical Analysis
EUR/USD
EUR/USD bull has the upper hand, but it has a hard time moving past 1.0640. If the pair cannot close above 1.0640, it will retrace down and re-test the 1.0590 support level.
Today critical level to watch:
Support: 1.0580, 1.0562, 1.0500, 1.0479
Resistance: 1.0640, 1.0710, 1.0800
GBP/USD
The bull able to brought the price up toward 1.2300, but the price reverses its upward momentum and moving down to test 1.2100. It looks like the long-term sentiment will kick-in as soon as the price break below the 1.2100.
Today critical level to watch:
Support: 1.2130, 1.2000
Resistance: 1.2200, 1.2230, 1.2270, 1.2300, 1.2388
USD/JPY
The short-term sentiment in USD/JPY is bearish, but looking at the weekly chart, it will be interesting to see how the price closes at the end of the week. If the price closes below the 115.90, it might open a lower scenario.
Today critical level to watch:
Support: 115.00, 114.20, 114.00, 112.00
Resistance: 115.90, 116.00, 116.80
AUD/USD
The move down in AUD/USD is predictable as it reached 0.7500 – 0.7550 resistance area. Bearish movement in the pair stopped at 0.7400 and currently formed new range between 0.7400 – 0.7500.
Today critical level to watch:
Support: 0.7421, 0.7400, 0.7370, 0.7340, 0.7300
Resistance: 0.7500, 0.7523, 0.7550