Forex Technical Major Pairs analysis February 14, 2020

USDX (USD Index)

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More bullish continuation happens in the U.S dollar index. If there is no change to the current upward movement then the index will reach 99.40 – 100.00 resistance area soon. Traders will continue to hold long positions in the U.S dollar and waiting for major bearish candlestick patterns before placing any short positions.

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08.30 AM U.S Core Retail Sales m/m, forecast 0.3%

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After the close below 1.1000, EUR/USD extends its bearish close yesterday. The pair soon will reach 1.0800 and continue lower if the level could not provide support. We think the pair long-term trend is bearish and traders better avoid long positions for now until major bullish close happens.

today critical levels to watch:

Support: 1.0800

Resistance: 1.0900, 1.1000


GBP/USD secured a close above 1.3000 and return inside 1.3000 – 1.3250 range. It means the pair will continue its ranging movement inside the range. Traders could look for long positions near 1.3000 when a bearish retest happens.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3050, 1.3125, 1.3250


USD/JPY experienced rejection from 110.00 resistance and settled inside the 109.70 – 110.00 range. If the pair could continue to maintain the position inside the range then it is possible USD/JPY could continue its uptrend above 110.00. At the current time, traders will continue holding long positions and wait for further confirmation.

Today critical levels to watch:

Support: 109.70, 109.00, 108.50, 108.00

Resistance: 110.00, 110.50, 111.00


AUD/USD rejected from 0.6750 resistance and closed down yesterday. The closing level is inside the Wednesday range and provides traders with a neutral outlook. On the long-term outlook, the AUD/USD trend is bearish which suggests traders stick with short positions. However, if a close above 0.6750 happens then traders might want to scale out of short positions.

Today critical levels to watch:

Support: 0.6600

Resistance: 0.6750, 0.6800, 0.6820

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