Forex Technical Major Pairs analysis January 14, 2020

USDX (USD Index)

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U.S dollar index remains stable near 97.50 resistance. No bearish reaction from the resistance level and the index might continue stall near it. Tomorrow, both the U.S and China will sign phase one trade deal. The index may move after the event. At the current time, the index expected to get rejected from SMA 200 and we will start a short-term bearish trend.

News to watch

08.30 AM U.S CPI m/m, forecast 0.2%,

Core CPI m/m forecast 0.2%

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

EUR/USD

EUR/USD closed near daily SMA 200 and might attempt to move above it. At the current time, no major reaction from the averages yet. If the pair could close above SMA 200 then the bullish trend may continue. Tomorrow U.S-China Phase one trade deal might incite movement in the pair.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD closed below 1.3000 yesterday and might indicate further weakness in the coming days. The pair under pressure as there is rumor BOE will cut interest-rate this week. We think the pair might stick near 1.3000 until the announcement.

Today Critical level to watch:

Support: 1.3000, 1.2800, 1.2625

Resistance: 1.3050, 1.3125, 1.3250

USD/JPY

The long-awaited breakout finally happened in USD/JPY yesterday. The pair managed to close above 109.70 the first time since May 2019. At the current time, USD/JPY is testing 110.00 resistance. Further bullish pressure expected if USD/JPY could close above the resistance level.

Today critical levels to watch:

Support: 109.70, 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

AUD/USD closed above SMA 200 but no bullish follow-thought yet by the bull. Despite the situation, we think AUD/USD has higher odds to continue moving upside. Traders could look for long positions at the current level with a stop below previous swing low.

Today critical levels to watch:

Support: 0.6900, 0.6820, 0.6800

Resistance: 0.7000

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