Forex Technical Major Pairs analysis February 18, 2020

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USDX (USD Index)

U.S dollar index comfortably moving higher, on track toward 99.40 – 100.00 area. Similar to the previous analysis, as long as there is no major change in the sentiment then the U.S dollar index expected to continue higher. It is better to maintain long positions at the current time until the major bearish reaction happen.

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EUR/USD

Let the pair continue its downward movement and reach 1.0800. That is the only strategy traders could take at the moment. No bullish close on the daily chart is a confirmation for traders to avoid long positions. We think the pair will reach 1.0800 and produce a bullish reaction toward 1.0900. If the pair reach 1.0900 then traders could consider short positions when there are major bearish reactions.

today critical levels to watch:

Support: 1.0800

Resistance: 1.0900, 1.1000

GBP/USD

We have no conclusive direction yet in GBP/USD. The pair stick near 1.3000 and attempting to maintain the position above it. If the pair could close as bullish candlestick today then it might continue its bullish movement tomorrow or the rest of week. Traders will monitor the pair movement between 1.3000 – 1.3250.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3050, 1.3125, 1.3250

USD/JPY

It is a stalemate situation between the bull and the bear in USD/JPY. The pair continues its consolidation inside 109.70 – 110.00 and produces no breakout. As long as there is no breakout then the pair will continue its movement inside the range.

Today critical levels to watch:

Support: 109.70, 109.00, 108.50, 108.00

Resistance: 110.00, 110.50, 111.00

AUD/USD

We have bearish rejection from 0.6750 and AUD/USD starts moving down with gradual bearish momentum. The pair expected to print lower low below 7th February low. Traders who want to enter short positions might want to wait for a bullish reversal to happen first.

Today critical levels to watch:

Support: 0.6600

Resistance: 0.6750, 0.6800, 0.6820

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