USDX (USD Index)

U.S dollar index breakout and close above the top of the triangle which confirms the continuation of the bullish trend. Currently, the index testing the previous week high. A close above the level will confirm further bullish scenario in the index. We have 99.40 and 100.00 as upside target for medium-long-term.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 26-30 August 2019

EUR/USD

EUR/USD extends its bearish close to fourth days. The pair bearish pressure might continue and print fresh yearly low. At the current time, 1.1100 is the downward target for bearish movement. Traders might want to avoid taking positions at the current level. Wait until the pair make a pullback to nearest support and take short positions when there are bearish reactions.

today critical levels to watch:

Support: 1.1000

Resistance: 1.1100, 1.1120, 1.1185

GBP/USD

GBP/USD rejected from the bottom of the channel and produce another bearish close yesterday. The pair expected to continue its ranging movement between 1.2100 and the bottom of the channel. If the pair could close inside the channel by the end of the week then we might see GBP/USD start moving upward.

Today Critical level to watch:

Support: 1.2100, 1.2000

Resistance: 1.2300, 1.2400

USD/JPY

USD/JPY climbed above 106.10 and closed near 106.70 resistance. The pair might test 106.70 – 107.00 area again today or next week. As long as the pair stays below the resistance area, traders could expect USD/JPY to continue its bearish movement. Short positions could be taken when there are bearish reactions near the resistance.

Today critical levels to watch:

Support: 106.10, 105.00, 104.67

Resistance: 106.70, 107.00

AUD/USD

AUD/USD upward attempt to return inside the blue box area resulted in a bearish close. It lost upward momentum and reversed before the end of the day. At the current time, the bearish trend will continue and today the pair has moved below the previous day low.

Traders could take long positions near August 7 low with tight stop order below it. Short positions need to wait until the pair make bullish corrections.

Today critical levels to watch:

Support: 0.6700

Resistance: 0.6800, 0.6900