Forex Technical Major Pairs analysis January 15, 2020

USDX (USD Index)

Free $100 Forex No-Deposit Bonus

The index continues showing no reaction near the 97.50 resistance. It seems the market decide to proceed cautiously ahead U.S-China phase one trade deal. At the current time, traders will continue waiting for further reaction in the index. As long as there is no higher high printed on the daily chart then the U.S dollar index expected to continue its bearish trend.

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 consolidated near the daily SMA 200 and no conclusion yet on the next direction. The pair show bearish reaction yesterday but it manages to move up and closed inside Monday range. Traders will continue waiting for a further reaction from the daily SMA 200 now.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

Weak U.S data put the U.S dollar on the backfoot. But, this week the market expects BOE to cut interest-rate. The expectation brought GBP/USD lower to test 1.3000. No major breakout below the support level yet and there is bullish attempt today.

GBP/USD next direction might need to wait for the BOE interest-rate announcement.

Today Critical level to watch:

Support: 1.3000, 1.2800, 1.2625

Resistance: 1.3050, 1.3125, 1.3250

USD/JPY

USD/JPY has reached the resistance 110.00 and closed near it. No rejection or breakout confirmation yet for now. Traders will continue to observe the pair movement near 110.00. We think a breakout is possible but it is safer to wait for breakout and pullback before placing long positions.

Today critical levels to watch:

Support: 109.70, 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

AUD/USD crossed above SMA 200 and secure a close above it. No follow-through by the bull yet and the pair stick near the averages now. We think the trend has turned bullish, however, the pair still need further bullish bounce confirmation above the averages.

If the pair closed below SMA 200 with strong bearish momentum then it is better to avoid long positions.

Today critical levels to watch:

Support: 0.6820, 0.6800

Resistance: 0.6900, 0.7000

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.