Forex Technical Major Pairs analysis August 11, 2020

USDX (USD Index)

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U.S dollar index pushed lower toward the 93.00 support level but managed to bounce from it. At the current time, the index is trading inside the previous day range. If the index could continue to maintain the current position then traders will prepare for further upside toward 94.00 and 95.00.

EUR/USD

EUR/USD bounced from the level near 1.1710 today and reach the level near 1.1820. No breakout yet from the range and it seems the pair will continue its consolidation inside the range. Traders will continue to monitor the pair movement inside the range. If the pair could move lower and close below 1.1710 then traders will prepare for downside toward 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 continues to maintain its position above 1.3000 and bounced toward 1.3125. The pair expected to continue consolidation between 1.3000 – 1.3125 for now. No conclusion yet on the pair next direction. If the pair start moving lower then 1.2800 will become the target. On the upside, 1.3250 will become the target.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3250, 1.3300

USD/JPY

USD/JPY making upward movement and soon will reach 106.70. We think the retest on 106.70 will result in a bearish reaction. However, if the pair could cross above 106.70 with strong bullish momentum then traders will prepare for a bullish reversal toward daily SMA 200.

Today critical levels to watch:

Support: 105.00, 101.19

Resistance: 106.00, 106.70, 108.00

AUD/USD

AUD/USD pushed lower and closed below 0.7160 but no bearish follow-through yet at the current time. The pair continue stick near the 0.7160 level. No clue yet on the pair next direction at the current time. Traders will continue waiting for reaction near the 0.7160 level.

Today critical levels to watch:

Support: 0.7000, 0.6820

Resistance: 0.7160, 0.7330

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