USDX (USD Index)
U.S dollar index made a return above daily SMA 200 and create a fake breakout situation. The index adds more gain in today’s trading session. If it could continue to move higher and close above 98.25 then traders could expect the long-term bullish continuation.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 3 – 7 February 2020
EUR/USD
EUR/USD launched from the 1.1000 support level and reached the trendline. There was a bearish reaction from the trendline and EUR/USD slightly lower. At the current time, the pair is testing the bottom of the previous day trading session. If a lower close happens then traders will expect another test on 1.1000.
today critical levels to watch:
Support: 1.1000, 1.0900
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD reversed its bullish direction and fell sharply toward the 1.3000. The pair attempt to move lower today below the support level. However, the bull manages to reverse bearish pressure and the pair currently traded above the opening level. Will the pair bounce from 1.3000 and continue its ranging movement between 1.3000 – 1.3250?
Today Critical level to watch:
Support: 1.3050, 1.3000
Resistance: 1.3125, 1.3250
USD/JPY
USD/JPY bounced from the daily SMA 200 yesterday. The pair continues its upward movement today and attempting to close above 109.00. A close above 109.00 will open the chance for the pair to continue upward and test 109.70 – 110.00 area again. No conclusion yet at the current time, traders will monitor the pair closing level today.
Today critical levels to watch:
Support: 108.50, 108.00
Resistance: 109.00, 109.70, 110.00
AUD/USD
After prolonged bearish pressure since the rejection from SMA 200, AUD/USD finally show bullish reaction today. The bullish reaction might continue toward 0.6750 where traders could look for short positions. If the pair continues upward then traders could consider 0.6820 as the level to take short positions.
Today critical levels to watch:
Support: 0.6600
Resistance: 0.6750, 0.6800, 0.6820