Forex Technical Major Pairs analysis August 10, 2018

USDX (USD Index)

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The index has broken free from 95.50 resistance today and headed higher toward 97.50. There is nothing to hold U.S dollar index to move higher now. Traders who are looking for the long position might want to wait until the index corrected and test 95.50 broken resistance.

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For full outlook for this week, you can follow Forex Outlook For The Week 6 July – 10 August 2018

Technical Analysis

EUR/USD

The breakout of U.S dollar index means a breakdown in EUR/USD. The bull concedes against the bear and the path toward 1.1300 – 1.1360 is open now. A long position is not suggested until the pair reach the support area. A short position could be taken from 1.1500 – 1.1580 area.

Today critical level to watch:

Support: 1.1360, 1.1300

Resistance: 1.1500, 1.1580, 1.1600, 1.1650

GBP/USD

GBP/USD broke below the bearish channel and dive below 1.2800 expected support level today. The strong bearish pressure continues but the bull manages to recover part of losses. Traders who look for long positions could place the speculative long near 1.2800. However, traders must be prepared for further downward movement.

Today critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3100, 1.3125, 1.3250

USD/JPY

USD/JPY continue holding out above 111.00 even though the bear press the pair down and print new low. If the bull could maintain the pair above 111.00 again today, then it is possible for the bull to trigger bounce from the red trendline.

Today critical level to watch:

Support: 110.50

Resistance: 111.00, 112.00, 112.50

AUD/USD

Finally, AUD/USD broke below the green box area and punching against 0.7300. There is an initial bounce indication by the bull. As long as the bear could maintain the pair below 0.7330 then next week we might see AUD/USD continue its stride downside. 0.7160 is the long-term target for this new bearish leg.

Today critical level to watch:

Support: 0.7300

Resistance: 0.7330, 0.7400, 0.7500

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