Forex Technical Major Pairs analysis August 13, 2020

USDX (USD Index)

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U.S dollar index closed lower yesterday, rejected from the level near 94.00. The index is currently testing the previous day low. Similar to the previous analysis, the U.S dollar index expected to consolidate between 92.60 – 94.00.

Traders will continue waiting for now while applying short-term strategies.

EUR/USD

EUR/USD bounced from the 1.1710 support level and expected to continue ranging between 1.1710 – 1.1820. The pair currently moving upward and set to test 1.1820.

As long as there is no breakout, traders will assume the ranging movement will continue between 1.1710 – 1.1820.

today critical levels to watch:

Support: 1.1710, 1.1600, 1.1580

Resistance: 1.1820, 1.2000

GBP/USD

GBP/USD maintains the positions above 1.3000 and inside 1.3000 – 1.3125 range. The pair expected to continue its ranging movement between 1.3000 – 1.3125 for now.

If the pair moves lower then 1.2800 is the bearish target. On the upside, 1.3250 is the upward target.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3250, 1.3300

USD/JPY

USD/JPY moved higher and closed above 106.70 yesterday. The pair currently stick near 106.70 and testing it. If the pair closed lower below 106.70 and the previous day low then traders will prepare for bearish continuation.

Today critical levels to watch:

Support: 106.00, 105.00, 101.19

Resistance: 106.70, 108.00

AUD/USD

AUD/USD has not shown any indication in the next direction yet. There are movements away from the 0.7160 level but the pair always close near 0.7160 at the end of the day.

Traders will continue waiting for either movement toward 0.7000 or 0.7330.

Today critical levels to watch:

Support: 0.7000, 0.6820

Resistance: 0.7160, 0.7330

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