Forex Technical Major Pairs analysis January 13, 2020

USDX (USD Index)

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U.S dollar index closed bearish at the end of the previous week. It is not a strong bearish reaction from 97.50 and daily SMA 200 resistance. Traders will continue to observe the index reaction at the current resistance level. If the index starts moving lower then we will expect the start of a new bearish leg to challenge 96.70 support level.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 13 – 17 January 2020

EUR/USD

EUR/USD reversed its direction and closed near 1.1120 by the end of the  previous week. The bullish reaction continues at the start of this week and EUR/USD might start moving upward. Daily SMA 200 will become the test level to watch for either bullish continuation or bearish reversal.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD managed to maintain the position above 1.3000 by the end of the week. The pair might continue its consolidation inside 1.3000 – 1.3250 for now. However, it is under pressure at the start of this week and ready to retest 1.3000 support levels again.

Although bearish breakout is unlikely, traders might want to prepare for the bearish scenario if an actual bearish breakout happens.

Today Critical level to watch:

Support: 1.3000, 1.2800, 1.2625

Resistance: 1.3050, 1.3125, 1.3250

USD/JPY

The pair has reached the resistance area of 109.70 – 110.00 but no major event happen yet. We a bearish close at the end of the previous week though it is not a strong close. This week, traders will monitor the pair reaction at 109.70 – 110.00 to determine if the pair will continue its upward movement or not.

Today critical levels to watch:

Support: 109.00, 107.40, 107.00

Resistance: 109.70, 110.00

AUD/USD

AUD/USD managed to close above SMA 200 at the end of previous week. The pair avoided bearish scenario for now and might start a new bullish leg. This week, the pair need to maintain the position above SMA 200 to continue its bullish movement.

Today critical levels to watch:

Support: 0.6900, 0.6820, 0.6800

Resistance: 0.7000

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