Forex Technical Major Pairs Analysis | February 05, 2021

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USDX (USD Index)

U.S dollar index adds more gain above the blue box area and confirmed the breakout of the “W” pattern. The breakout has 92.00 – 93.00 as an upside target. At the current time, traders will avoid short positions in the U.S dollar and use the moment to enter long positions when bearish corrections happen.

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There are U.S job data to watch today. Traders could expect more volatility as the data released.

EUR/USD

EUR/USD closed below the 1.2000 support level yesterday. The pair now expected to extend the bearish movement and target the 1.1820 support level next. Traders will observe today’s closing level. If the pair could close above 1.2000 then there is no weekly breakout and the pair might start moving higher again.

today critical levels to watch:

Support: 1.1820

Resistance: 1.2000, 1.2070, 1.2200

GBP/USD

GBP/USD reacted differently compared to EUR/USD. The pair was under pressure and tested the 1.3600 support level yesterday. At the end of the day, the pair managed to bounce and closed as a bullish pin bar pattern. There is bullish follow-through today though not a strong one.

We might see the pair continue trading above 1.3600 for now.

Today Critical level to watch:

Support: 1.3600, 1.3450, 1.3330, 1.3300

Resistance: 1.3835, 1.4000

USD/JPY

USD/JPY closed higher near the daily SMA 200. The pair currently waiting for a reaction from the averages. Without a strong bearish reaction, it is better to stay sideline for now. If the pair continues the bullish movement and closes above the daily SMA 200 with strong momentum then the pair might change the trend into bullish.

Today critical levels to watch:

Support: 105.00, 104.00, 101.50, 101.19

Resistance: 106.00, 106.70

AUD/USD

AUD/USD was rejected from the 0.7640 level after the test. The pair expected to extend its weakness and target the 0.7500 – 0.7550 area. At the current time, the pair might consolidate between 0.7500 and 0.7640 until a breakout happen. In the long-term, we think the pair will continue the long-term bullish trend and target 0.8000.

Today critical levels to watch:

Support: 0.7550, 0.7500

Resistance: 0.7640, 0.7700

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