Forex Technical Major Pairs analysis August 3, 2020

USDX (USD Index)

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There was a bullish reaction from the 92.60 – 93.00 level last week and today, the U.S dollar index continues moving upward.  It is soon will test the 94.00 – 94.30 area. We think the index could extend its bullish movement toward 95.00 resistance before start moving lower again.

Traders might want to prepare for short positions in the U.S dollar when there is a major bearish reaction near the resistances levels.

EUR/USD

The only direction of EUR/USD is upward since the start of July. The pair made the first significant bearish reaction at the end of the month. Today, the pair continue lower and tested the 1.1710 support level. If the bearish pressure continues mounting then traders will expect EUR/USD to continue lower and target 1.1450 – 1.1500 area.

today critical levels to watch:

Support: 1.1710, 1.1600, 1.1580

Resistance: 1.1820, 1.2000

GBP/USD

GBP/USD formed a bearish pin bar pattern near the 1.3125 resistance level. We have a bearish follow-through below the candlestick low which tested 1.3000. If the pair continue lower then traders could expect it to target 1.2800 support level.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3300

USD/JPY

USD/JPY made a sudden bullish reversal from the 105.00 support level. The bullish reversal confirmed by upward movement above the high today. It seems the pair will test 106.00 – 106.70 resistance area for now. We think the area could be used as the place to take short positions.

Today critical levels to watch:

Support: 105.00, 101.19

Resistance: 106.70, 108.00

AUD/USD

AUD/USD stick near the 0.7160 but at the end of last week, the pair rejected from the resistance level and formed a bearish candlestick. The close is below 0.7160 and might prompt for further weakness this week. If AUD/USD starts moving lower then traders could use 0.7000 as the level to take long positions.

Today critical levels to watch:

Support: 0.7000, 0.6820

Resistance: 0.7160, 0.7330

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