Forex Technical Major Pairs analysis August 9, 2018

USDX (USD Index)

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U.S dollar index touches 95.00 today and bounced upward from the expected support level. Current range span between 95.00 – 95.50 and it seems the bull ready to make a test of resistance tomorrow. We expect no breakout today and suggest avoiding short U.S dollar position as the upward momentum is strong.

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For full outlook for this week, you can follow Forex Outlook For The Week 6 July – 10 August 2018

Technical Analysis

EUR/USD

EUR/USD slips back below 1.1580 and enter the blue box area. The blue box area is the last line of defense for the bull. A breakout below the area could result in sell-off toward 1.1300. At the moment, traders will continue to observe the EUR/USD reaction inside the area and favor short position more than long position.

Today critical level to watch:

Support: 1.1500

Resistance: 1.1580, 1.1600, 1.1650

GBP/USD

GBP/USD is disregarding the bottom of the channel and continue downward to reach 1.2800. It is normal for the pair to act bearish as the market expects no deal on Brexit which could put the UK under the major problem. 1.2600 – 1.2800 is the area to watch on the long-term outlook. Deal or no deal will trigger a reaction from this area.

Today critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3100, 1.3125, 1.3250

USD/JPY

Sell-off by the bear brought USD/JPY down below 111.00. However, the bear could not maintain the pair below 111.00 and the pair currently traded near 111.00 again. It means the bull still has upper hand and it is possible a bounce will happen tomorrow.

Today critical level to watch:

Support: 111.00, 110.50

Resistance: 112.00, 112.50, 113.00, 113.20

AUD/USD

Classic rejection from top of box consolidation happens in AUD/USD. Traders who take a short position now could sit down and watch AUD/USD move down toward the bottom of the box. Moving stop order to break even or profit is not a bad idea. Will AUD/USD break below the box area?

Today critical level to watch:

Support: 0.7330

Resistance: 0.7400, 0.7500

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