USDX (USD Index)

U.S dollar index on the path higher after the close above 98.25. It seems the long-term bullish trend will continue. However, the index still needs to close above the previous November high. At the current time, traders and investors will observe today U.S job data and determine if the index will continue higher or reverse its direction.

News to watch

08.30 AM U.S Non-Farm Employment Change, forecast 163k

U.S Unemployment Rate, forecast 3.5%

For full outlook for this week, you can follow Forex Outlook For The Week 3 – 7 February 2020

EUR/USD

It is a hard situation for EUR/USD bull as the pair closed below 1.1000 support level. The bearish trend might be confirmed now, but the pair still need to maintain the close below 1.10000 by the end of the week. Will today U.S non0farm employment trigger reversal or bearish continuation in the pair?

today critical levels to watch:

Support: 1.0900

Resistance: 1.1000, 1.1120, 1.1185

GBP/USD

GBP/USD dropped below 1.3000 support level and in-risk of further weakness toward the daily SMA 2000 and 1.2800. Today, the pair might react to the U.S non-farm employment data. A close above 1.3000 will cancel the current bearish situation. A close below 1.3000 is the bearish confirmation toward SMA 200.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3050, 1.3125, 1.3250

USD/JPY

USD/JPY upward pressure brought the pair to close near 110.00. If the pair could put more pressure toward the resistance level and close above it by the end of the week then it might continue bullish next week. Traders will wait for further confirmation after today’s U.S non-farm employment data.

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 a bearish conclusion now in AUD/USD as the pair continues its downward movement after the rejection from 0.6750. Traders could continue to hold short positions now and watch the pair reaction near the previous swing low. If the pair attempt to move higher then traders could use 0.6750 and 0.6820 as levels to take short positions.

Today critical levels to watch:

Support: 0.6600

Resistance: 0.6750, 0.6800, 0.6820