Forex Technical Major Pairs analysis August 5, 2020

USDX (USD Index)

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U.S dollar index could not lift above 94.00 and start moving lower again. The index currently pressing against the 93.00 support level. If the level is broken then traders will expect the index to continue lower and target 92.60 – 93.00. It is better to avoid taking long positions in the U.S dollar for now until the index shows a major bullish reaction.

EUR/USD

EUR/USD bounced from the 1.1710 support level and continue upward above 1.1820 today. The pair set to continue its bullish trend and target the 1.2000 resistance level. Traders better avoid taking short positions for now until there is a major bearish pattern formed in EUR/USD.

today critical levels to watch:

Support: 1.1710, 1.1600, 1.1580

Resistance: 1.1820, 1.2000

GBP/USD

GBP/USD bounced from the 1.3000 level and closed near its opening level yesterday. The pair follow-through by breaking above the candlestick high. At the current time, GBP/USD traded above the 1.3125 resistance level. It might continue upward and target the 1.3250 resistance.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3250, 1.3300

USD/JPY

USD/JPY bullish bounce from the 105.00 support level could not reach the 106.70 resistance level. The pair move slightly lower yesterday but managed to close inside the Monday range. USD/JPY might continue consolidation near the current level or 106.00 for now.

Traders suggested sticking with short positions now unless the pair could close above 106.70.

Today critical levels to watch:

Support: 105.00, 101.19

Resistance: 106.00, 106.70, 108.00

AUD/USD

AUD/USD closed near the 0.7160 and blasted the resistance level today with strong bullish momentum. Without a major change in the situation, AUD/USD might continue upward to 0.7330 without any significant bearish correction.

Today critical levels to watch:

Support: 0.7000, 0.6820

Resistance: 0.7160, 0.7330

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