USDX (USD Index)
The downward movement of U.S dollar index reached the blue box shown on the daily chart. There is some buying which hold the index from falling further, and it is possible for the index to start moving up from current level.
News to watch
08.30 AM U.S CPI m/m, forecast 0.3%. Core CPI m/m, forecast 0.2%. Core Retail Sales m/m, forecast 0.5%. Retail Sales m/m, forecast 0.2%.
10.30 AM U.S Crude Oil Inventories, estimate a surplus of 2.8 million barrels.
For full outlook for this week, you can follow Forex Outlook For The Week 12 – 16 Feb 2018
Technical Analysis
EUR/USD
EUR/USD continues its upward movement above 1.2300 and look to extend the bullish move today. The outlook is bullish, but the pair risk a bearish close today after it moves down back below previous day high. If the pair moves down, we might see EUR/USD hanging near 1.2300 again.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
The pair manages to bounce from 1.3835 support in the previous day, but the momentum looks weak and could lead to downside reversal. There is no clear direction yet for the pair and traders could continue observing the pair movement inside 1.3835 – 1.4000.
Today critical level to watch:
Support: 1.3850, 1.3800, 1.3600
Resistance: 1.4000, 1.4250, 1.4325
USD/JPY
The pair moved as expected and reached 107.50 support level without any trouble. Today, the bear push it down further to trigger stop orders below 107.00. If the pair could close as bullish candlestick, then USD/JPY might start a bullish reversal.
Today critical level to watch:
Support: 107.40, 107.00
Resistance: 109.00, 110.50, 111.00, 111.60
AUD/USD
AUD/USD testing top of range 0.7875 today and surpass previous day high before pushed down near its opening level. The pair expected to continue its movement between 0.7800 – 0.7875 until breakout happen.
Today critical level to watch:
Support: 0.7800
Resistance: 0.7875, 0.7970, 0.8000