Forex Technical Major Pairs analysis February 12, 2018

USDX (USD Index)

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U.S dollar index moves sideway inside Friday range, and looks will continue today. There is not much to expect today and traders in China will be away on Chinese New Year holiday. Traders will continue to watch the index movement near 91.00 resistance.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 12 – 16 Feb 2018

Technical Analysis

EUR/USD

Similar to U.S dollar index movement, EUR/USD is in consolidation period below 1.2300. The pair traded between the top of the blue channel and 1.2300 resistance. There is no hint on next direction yet. Will we see a breakdown toward 1.2070 or a bounce upward to test 1.2500?

Today critical level to watch:

Support: 1.2200, 1.2100, 1.2070, 1.2000

Resistance: 1.2300, 1.2500

GBP/USD

GBP/USD descended from 1.4000 and tested 1.3835 support level. The pair closed lower below 1.3835 but not a significant one. Today, the bull attempt to make a bounce from the support level but it looks like no momentum created. Traders who take long position might want to put the stop order level below 1.3800.

Today critical level to watch:

Support: 1.3800, 1.3600

Resistance: 1.3850, 1.4000, 1.4250, 1.4325

USD/JPY

New lower low printed in the previous week and suggest bull traders stay away from USD/JPY. There is no reason to place long position yet as the pair might continue lower to 107.50.

Today critical level to watch:

Support: 107.40

Resistance: 109.00, 110.50, 111.00, 111.60

AUD/USD

AUD/USD bounced from a level near daily SMA 200, and the pair is testing the top of the previous bullish candlestick. If the upward movement continues, we expect 0.7875 will limit the movement.

Today critical level to watch:

Support: 0.7800

Resistance: 0.7875, 0.7970, 0.8000

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