Forex Technical Major Pairs Analysis | February 23, 2021

USDX (USD Index)

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U.S dollar index hovered lower from the blue box area and reach the 90.00 support level. The index currently testing the support level and looking for a breakout. If the index breakout and closes below 90.00 then traders will prepare for further weakness toward 89.60 and 88.80.

EUR/USD

EUR/USD heading upward after the bounce from 1.2000 – 1.2070 area. The pair getting near 1.2200 resistance level and soon will test it. As long as the pair stays below 1.2200 then the pair will continue its consolidation between 1.2000 – 1.2200. Traders will continue to observe the pair reaction from 1.2200 for now.

today critical levels to watch:

Support: 1.2070, 1.2000, 1.1820

Resistance: 1.2200, 1.2300, 1.2500

GBP/USD

GBP/USD easily crossed above 1.4000 and there is no stop to the bullish pressure yet. No change to the strategy yet, traders who have long positions will let the pair continue moving upward and target 1.4325 next. Traders who has no long positions will wait for a bearish correction for a chance to enter long positions.

Today Critical level to watch:

Support: 1.4000, 1.3835

Resistance: 1.4325

USD/JPY

USD/JPY could not maintain its position above the daily SMA 200. The pair made a bearish close below SMA 200 and currently testing the 105.00 support level. A further bearish close below 105.00 will cancel the bullish outlook and bring the pair back to its bearish trend.

Today critical levels to watch:

Support: 105.00

Resistance: 106.00, 106.70

AUD/USD

AUD/USD extended its bearish close above 0.7800. The pair is getting near the 0.8000 resistance level target. There is nothing traders could do aside from continuing to hold long positions and waiting for the pair to reach resistance level. When the pair make a bearish correction after the resistance test, traders could use the nearest support level to enter long positions.

Today critical levels to watch:

Support: 0.7800, 0.7750, 0.7700

Resistance: 0.8000

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