Forex Technical Major Pairs analysis August 16, 2019

USDX (USD Index)

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Forex Technical Major Pairs analysis August 16, 2019

No stop to the bullish movement of U.S dollar index yet. The index extends its gain for the fourth day and currently testing 98.25 resistance. Without any major rejection from the resistance, we could expect the index to continue upward and print fresh yearly high.

The trading day has not closed yet which mean there is room for reversal. At the current time, traders will monitor the index reaction at 98.25.

EUR/USD

Forex Technical Major Pairs analysis August 16, 2019

EUR/USD mostly lower without any bullish reaction. The pair fell below 1.1120 and currently targeting a fresh yearly low. It is better to avoid long positions for now and look for short positions whenever the pair retrace upside. 1.1120 is the level to watch for a short entry.

today critical levels to watch:

Support: 1.1000

Resistance: 1.1100, 1.1120, 1.1185

GBP/USD

Forex Technical Major Pairs analysis August 16, 2019

GBP/USD decided to start a bullish correction by moving above 1.2100 resistance. The short-term outlook turned bullish and as long as the pair closes above 1.2100 it has chance to continue upside in the coming week. Traders could use 1.2100 as a level to enter long positions when the pair retrace lower. The bottom of the channel will become the target level for long positions as well as the place to look for short positions.

Today Critical level to watch:

Support: 1.2100, 1.2000

Resistance: 1.2300, 1.2400

USD/JPY

Forex Technical Major Pairs analysis August 16, 2019

USD/JPY closed near 106.10 which show us no breakout yet. The pair has a range between 106.10 – 106.70 now. It is expected to trade inside the range until the end of the week and extend the consolidation next week. Ranging strategies with bearish bias might be the best options traders could take for now.

Today critical levels to watch:

Support: 106.10, 105.00, 104.67

Resistance: 106.70, 107.00

AUD/USD

Forex Technical Major Pairs analysis August 16, 2019

AUD/USD still trapped inside the blue box area and expected to settle inside the box area at the end of this week. Next week, the pair might continue its consolidation inside the box.

Today critical levels to watch:

Support: 0.6700

Resistance: 0.6800, 0.6900

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