Forex Technical Major Pairs analysis August 12, 2020

USDX (USD Index)

Free $100 Forex No-Deposit Bonus

The bearish pressure on the U.S dollar index resulted in a bounce from the level near 93.00. The index closed near its opening level. There is bullish attempt today but the index seems rejected from the level near 94.00.

At the current time, the index might continue moving sideway between 92.60 – 94.00. We think the bullish correction in the index might extend toward 95.00 later.

EUR/USD

Another bounce from the 1.1710 happen today and EUR/USD currently continue its movement inside 1.1710 – 1.1820. No change to the outlook yet, at the current time, the pair expected to continue ranging until breakout happen.

today critical levels to watch:

Support: 1.1710, 1.1600, 1.1580

Resistance: 1.1820, 1.2000

GBP/USD

No major movement out of the 1.3000 – 1.3125 area yet. GBP/USD continue its movement inside the range and currently testing the 1.3000 support level. Traders will continue waiting for reaction in the pair before placing major positions.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3250, 1.3300

USD/JPY

USD/JPY jump above 106.70 and attempting to continue its bullish movement. We think the current bullish movement will lose its momentum and USD/JPY might close near 106.70 at the end of day.

If the bear enter the market and push the pair lower by the end of week then traders could expect bearish continuation below 106.70.

Today critical levels to watch:

Support: 106.00, 105.00, 101.19

Resistance: 106.70, 108.00

AUD/USD

AUD/USD has not shown major progress yet near the 0.7160. The pair continue making closes near the level and suggesting the bull still in control.

If the bear could not make strong bearish close below the level then AUD/USD might continue moving upward to target 0.7330.

Today critical levels to watch:

Support: 0.7000, 0.6820

Resistance: 0.7160, 0.7330

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.