USDX (USD Index)

We have a close below 98.25 in U.S dollar index which bring the upward movement under pause. The index might start a bearish correction from the resistance level. Today, there is bearish pressure but the bull manages to reverse the direction of the index and bring it back near 98.25.

A close above 98.25 will cancel the bearish correction and lead U.S dollar index further upward to target 100.00 in the long-term.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 19-23 August 2019

EUR/USD

EUR/USD printed a bullish close yesterday, avoiding further lower close on the chart. It could be the sign that the pair will start a bullish correction and target 1.1120. No follow-through by the bull yet today. The pair might continue upward and test 1.1120 where traders could look for short positions.

today critical levels to watch:

Support: 1.1000

Resistance: 1.1100, 1.1120, 1.1185

GBP/USD

GBP/USD reversed upside before yesterday closing. The price canceled the possible ranging scenario between 1.2000 – 1.2100. At the current time, the pair expected to stick near 1.2100 while waiting for the trigger to move upside. On the upside, the pair will target the bottom of the channel.

Today Critical level to watch:

Support: 1.2100, 1.2000

Resistance: 1.2300, 1.2400

USD/JPY

No clue yet on USD/JPY nex long-term direction. The pair currently consolidate between 106.10 – 106.70 and might continue its consolidation. Traders could continue to trade the range while waiting for a breakout.

Today critical levels to watch:

Support: 106.10, 105.00, 104.67

Resistance: 106.70, 107.00

AUD/USD

Similar to the previous day analysis, AUD/USD continue trapped inside the blue box area. The pair will continue its ranging movement inside the box until breakout happens. Traders suggested continuing stick with short positions to long positions.

Today critical levels to watch:

Support: 0.6700

Resistance: 0.6800, 0.6900