Forex Technical Major Pairs Analysis | August 05, 2021

USDX (USD Index)

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The bearish pressure on the U.S dollar index reversed near the 92.00 support level. The index printed a bullish close yesterday with a bullish engulfing pattern. If the index could add more gain and print another bullish close above the previous day’s high then it is expected to start moving toward 93.00.

EUR/USD

EUR/USD printed a bearish close yesterday and soon the pair will retest the 1.1820 support level. As mentioned in the previous analysis, if the pair could maintain the close above 1.1820 and bounce from it then the upward movement could continue toward daily SMA 200 and 1.2000.

Today critical levels to watch:

Support: 1.1820, 1.1710

Resistance: 1.2000, 1.2070

GBP/USD

GBP/USD outlook continues to be bullish despite the bearish close yesterday. We could see no lower low printed yet below the four days low. At the current time, the pair restart its bullish movement and is set to break out above the previous day’s high.

We expect the pair to continue moving upward and test the 1.4000 resistance level soon.

Today Critical level to watch:

Support: 1.3835, 1.3600

Resistance: 1.4000, 1.4325

USD/JPY

The bearish pressure on USD/JPY reversed yesterday after a lower low printed. The pair made a bullish close and now might move upward to test 110.00. Without a close above 110.00, there is no reason to change the current bearish outlook toward 108.00.

Today critical levels to watch:

Support: 109.00, 108.00

Resistance: 110.00, 111.00, 112.00

AUD/USD

AUD/USD printed a bearish close yesterday but no change to the current bullish recovery movement. At the current time, the pair is building bullish pressure and will attempt to surpass the previous day’s high. On the upside, 0.7450 is the resistance level to watch for possible short positions.

Today critical levels to watch:

Support: 0.7330, 0.7300

Resistance: 0.7450, 0.7500, 0.7550

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