Forex Technical Major Pairs analysis February 14, 2019

USDX (USD Index)

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The downward correction of U.S dollar index does not take long after previous day bounce from 96.70. It is as we forecast, no close below 96.70 means no bearish confirmation yet. Currently, the index getting near to 97.50 resistance and might reach it soon.

Today, there is two days of high-level trade talk between the U.S and China. We expect less volatility in the U.S dollar index until the result of the trade talks announced.

News to watch

08.30 U.S Core Retail Sales m/m, forecast 0.0%

PPI m/m, forecast increase of 0.1%

Retail Sales m/m, forecast increase of 0.1%

For full outlook for this week, you can follow Forex Outlook For The Week 11-15 February 2019

Technical Analysis

EUR/USD

The upward movement of EUR/USD faltered and tumbled below 1.1300 again yesterday. The bearish movement has strong momentum. Fortunately, it did not breach Tuesday low and trigger further selling. Currently, the pair find support at the trendline and attempting to recover its losses. Will EUR/USD managed to climb above 1.1300 again?

Today critical levels to watch:

Support: 1.1300, 1.1200

Resistance: 1.1360, 1.1400

GBP/USD

No change in the GBP/USD direction which is downward. The pair expected to reach 1.2800 support level soon. Traders could prepare for a long position near 1.2800 when the level tested and the pair formed a bullish pattern.

Today Critical level to watch:

Support: 1.2800, 1.2625

Resistance: 1.3000, 1.3250, 1.3300

USD/JPY

USD/JPY resume its upward movement after the close above 110.00 and showing no stop yet. It will reach daily SMA 200 soon. When the pair reach daily SMA 200, it might provide traders with the opportunity to enter short positions. Wait until a bearish pattern emerges before entering any positions.

Today critical levels to watch:

Support: 110.50, 110.00, 109.00

Resistance: 111.00

AUD/USD

No change to the AUD/USD outlook, the pair projected to test 0.7160 before next direction settled. Under the current situation, the pair favored the bearish scenario. As long as there is no close above 0.7160, short positions near 0.7160 are the best option.

Today critical levels to watch:

Support: 0.7000

Resistance: 0.7160, 0.7200, 0.7300, 0.7330

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