Forex Technical Major Pairs Analysis | January 14, 2021

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USDX (USD Index)

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U.S dollar index maintained the positions above the 90.00 support level and formed a bullish reaction yesterday. The index continues moving upward today surpassing the previous day high. However, the index still needs to move above Monday’s high and December’s high to extend its bullish movement toward the 92.00 – 93.00 area.

The same as previous analysis, traders will only wait for the chance to enter short positions when the index reaches a resistance level.

EUR/USD

EUR/USD pushed lower and print a lower low today. The pair seems will continue to add more bearish pressure and target 1.2000 – 1.2070. If the pair reach the area and form a bullish reaction then traders could enter long positions.

today critical levels to watch:

Support: 1.2070, 1.2000

Resistance: 1.2200, 1.2300, 1.2500

GBP/USD

GBP/USD made a bearish close yesterday but maintained the level above 1.3600. The pair show no bearish continuation and continue trading inside the previous day range. As long as the pair could maintain the position above 1.3600 then traders will assume further upside in the pair.

Today Critical level to watch:

Support: 1.3600, 1.3450, 1.3330, 1.3300

Resistance: 1.3835, 1.4000

USD/JPY

USD/JPY halted its drop from the top of the bearish channel. The pair continue to stick near the top of the channel and will attempt to break out above it. If a bullish breakout happens then 105.00 and the daily SMA 200 will become the bullish target. Without any breakout, the pair expected to continue trading inside the bearish channel.

Today critical levels to watch:

Support: 101.50, 101.19

Resistance: 104.00, 105.00, 106.00, 106.70

AUD/USD

AUD/USD bounced from the top of the bullish channel but no bullish follow-through yet. The pair currently consolidating between the channel and the 0.7800 resistance level. The overall trend of the pair is bullish which means, traders will wait for a bearish correction to enter long positions near the support levels.

Today critical levels to watch:

Support: 0.7700, 0.7640

Resistance: 0.7750, 0.7800

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