USDX (USD Index)
U.S dollar index manages to hold the position above blue box and start an upward movement today. The upward movement comes as anticipation of The Fed members speeches today. The market will watch the speeches today to get a clue on future polices. Expect some movement especially if more tightening in interest-rate is on the table.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 19 – 23 Feb 2018
Technical Analysis
EUR/USD
EUR/USD closed as bullish candlestick on the previous day and confirm bounce from 1.2300 support level. The pair currently makes a downward test on the support level, and it looks like the support will hold again. Traders could place long position with a stop below previous day low while watching the Fed members speeches today.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
GBP/USD creep higher today and stay at the top of range 1.3835 – 1.4000. It is possible for the pair to break out upside. However, traders might want to wait where the pair close at the end of the day. It is also possible for the pair to continue moving inside 1.3835 – 1.4000 range.
Today critical level to watch:
Support: 1.3850, 1.3800, 1.3600
Resistance: 1.4000, 1.4250, 1.4325
USD/JPY
Weakness in USD/JPY halted today as the pair attempting to recoup losses. However, the attempt failed and currently USD/JPY back under pressure. If the bear could push the price below previous day low then, we might see downward continuation to retest 106.10 and 105.00
Today critical level to watch:
Support: 106.10, 105.50, 105.00
Resistance: 107.00, 107.40, 109.00
AUD/USD
There is nothing to do yet on AUD/USD. The pair bounce from the bottom of range 0.7800 – 0.7875 is short-lived as the bear manage to bring the pair back to bottom. We will watch where the pair settled by the end of the day.
Today critical level to watch:
Support: 0.7800
Resistance: 0.7875, 0.7970, 0.8000