Forex Technical Major Pairs analysis February 13, 2018

USDX (USD Index)

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U.S dollar index turns lower today and breaks three days range. The movement showing little momentum and might drop lower when European and U.S session. If the index moves down, the blue area shown on the daily chart will act as a support level. Traders might want to stay bearish on the index as the medium-term trend is bearish.

News to watch

04.30 AM UK CPI y/y, forecast increase of 2.9%

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

Technical Analysis

EUR/USD

EUR/USD stick near 1.2300 and finally break above it today. The pair has mini bullish momentum and could continue further upside if the bull could close the price above 1.2300. Traders could look for long position near 1.2300, but need to close the position if EUR/USD close back below 1.2300.

Today critical level to watch:

Support: 1.2300, 1.2200, 1.2100

Resistance: 1.2500

GBP/USD

GBP/USD is holding out at the support 1.3835 and showing bullish sign today. The pair might have averted the breakdown to 1.3600 but stay fragile. Meanwhile, GBP/USD expected to move between 1.3835 – 1.4000 until breakout happen.

Today critical level to watch:

Support: 1.3850, 1.3800, 1.3600

Resistance: 1.4000, 1.4250, 1.4325

USD/JPY

USD/JPY on track lower with target 107.50. There is no change in the analysis and traders could look for long position when the pair reach 107.50. Short position at the current level is not ideal as it is shorting against support level.

Today critical level to watch:

Support: 107.40

Resistance: 109.00, 110.50, 111.00, 111.60

AUD/USD

AUD/USD bounce from daily SMA 200 reached the top of the orange range at 0.7875. The market will test the resistance and settle next direction. There is no hint yet, and traders might want to continue to observe either a close above 0.7875 or a close below 0.7800.

Today critical level to watch:

Support: 0.7800

Resistance: 0.7875, 0.7970, 0.8000

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