Forex Technical Major Pairs analysis August 10, 2020

USDX (USD Index)

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The movement of the U.S dollar index slowly turns sideway between 92.60 – 94.00. At the end of the previous week, the index launched upward and closed with strong bullish momentum. The index currently attempting to continue its upward movement but no higher high printed yet.

We think the index will make a bullish correction with 94.00 and 95.00 as the target.

EUR/USD

EUR/USD bullish trend is unstoppable though the pair currently move lower in a bearish correction. The bearish correction might continue toward 1.1710 or target 1.1450 – 1.1500. At the current time, traders will wait sideline, waiting for a reaction from the support levels.

Long positions could be taken near 1.1710 or 1.1450 – 1.1500.

today critical levels to watch:

Support: 1.1710, 1.1600, 1.1580

Resistance: 1.1820, 1.2000

GBP/USD

GBP/USD maintained the positions above 1.3000 and set to continue its bullish trend. The pair slightly lower in the Friday trading session. There is no bearish follow-through yet and the pair stick near 1.3050. If the pair could close below 1.3000 then GBP/USD might continue its bearish correction toward 1.2800.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3250, 1.3300

USD/JPY

USD/JPY continues its bullish correction toward 106.70. Currently, the pair is testing the 106.00 level and seeks to break out above it. Traders will use 106.00 – 106.70 area as the level to take short positions when there is a major bearish reaction from the area.

Today critical levels to watch:

Support: 105.00, 101.19

Resistance: 106.00, 106.70, 108.00

AUD/USD

AUD/USD made a bearish engulfing close on Friday. The pair is under threat of further weakness this week. However, no lower low or major movement below 0.7160 yet at the current time. Traders who have long positions might want to scale out positions and wait near 0.7000.

We think a bearish correction might be able to bring the pair down to 0.7000.

Today critical levels to watch:

Support: 0.7000, 0.6820

Resistance: 0.7160, 0.7330

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