Forex Technical Major Pairs analysis January 11, 2019

USDX (USD Index)

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U.S dollar index bounced from 95.00 support and claimed the level above 95.50 yesterday. The bullish situation is not followed through by the bull today. The index losing ground and hanging at the middle of previous day range. If the bear continues putting pressure on the index then we should see U.S dollar index reach the daily SMA 200 next week.

News to watch

08.30 AM U.S CPI m/m, forecast decline of 0.1%

Core CPI m/m forecast increase of 0.2%

For full outlook for this week, you can follow Forex Outlook For The Week 7-11 January 2019

Technical Analysis

EUR/USD

Nothing out of expectation yet, EUR/USD found support at 1.1500 support today and launched upward. The pair moves to previous day opening level and might close near it this week. Overall, the trend expected to range between 1.1500 – 1.15800 until major breakout happen. Currently, the situation favors further upside.

Today critical level to watch:

Support: 1.1500, 1.1400, 1.1360

Resistance: 1.1580

GBP/USD

GBP/USD climbed above 1.2800 today, it is a bullish sign, as long as the pair manage to close above the level by the end of the day. If the bull could seize a level above 1.2800 then GBP/USD setup for further upside next week. There is no change to the pair outlook at the current time.

 Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800

USD/JPY

The pair hanging at the middle of 107.40 – 109.00 and there is no change to the outlook. Traders will wait for the next trigger for movement in USD/JPY.

Today critical level to watch:

Support: 107.40, 105.00

Resistance: 109.00

AUD/USD

AUD/USD climbed above 0.7160 and might be the sign of breakthrough above the resistance. It moves up under strong bullish momentum and expected to reach 0.7300 – 0.7330 resistance area. If there is no bearish reaction from the resistance then we might see continuation above daily SMA 200.

Today critical level to watch:

Support: 0.7160, 0.7000

Resistance: 0.7200, 0.7300

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