USDX (USD Index)

The bullish movement of the index adds significant gain yesterday. We have a close above 99.40 targets and expect further upside movement toward 100.00. At the current time, traders will wait for a further reaction at 99.40 resistance. If there is major bearish close then we will expect a bearish correction to happen before further upward movement.

News to watch

02.00 PM U.S FOMC Meeting Minutes

For full outlook for this week, you can follow Forex Outlook For The Week 17 – 21 February 2020

EUR/USD

EUR/USD extended its bearish close and tested 1.0800 support level yesterday. The pair did not just test it but it manages to break out below the support and close significantly lower. In today’s trading session, if there is no bullish reversal movement toward 1.0800 then EUR/USD bound to continue its bearish trend.

today critical levels to watch:

Support: 1.0700

Resistance: 1.0800, 1.0900, 1.1000

GBP/USD

GBP/USD retraces its gain yesterday and closed near 1.3000. It means no bullish confirmation yet and the pair will stick near 1.3000. Will the pair continue its bullish movement and target 1.3250? Alternatively, will it start moving lower again and target 1.2800 and SMA 200?

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3050, 1.3125, 1.3250

USD/JPY

No conclusive result yet once again in USD/JPY. The pair continues its consolidation inside 109.70 – 110.00 and no sign of a breakout. Today, the pair looks making a bullish attempt and move above 110.00. Traders will observe today’s closing level to determine whether breakout happens or not.

Today critical levels to watch:

Support: 109.70, 109.00, 108.50, 108.00

Resistance: 110.00, 110.50, 111.00

AUD/USD

The bear regains control and pushed AUD/USD significantly lower yesterday. No lower low printed yet on the chart which means the bull still has a chance to reverse current bearish pressure. The bear need a close below 0.6662 to continue its bearish trend.

Today critical levels to watch:

Support: 0.6662, 0.6600

Resistance: 0.6750, 0.6800, 0.6820