Forex Technical Major Pairs analysis January 16, 2020

USDX (USD Index)

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U.S dollar index shows possible bearish rejection from the 97.50 resistance. The index moved lower below the previous day low and might target 96.70. At the current time, it is still possible for the bull to reverse current bearish pressure and push the index back near 97.50.

The next opportunity to take positions in the U.S dollar pair might present either near 96.70 or 97.50.

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 closed above daily SMA 200 and open the chance to continue its bullish trend. The pair currently challenging the previous day high and looking for a close above it. Traders who have long positions could continue to hold their positions. Traders who want to enter long positions might need to wait until a retest on daily SMA 200 happens.

today critical levels to watch:

Support: 1.1120, 1.1000, 1.0900

Resistance: 1.1185

GBP/USD

GBP/USD set to bounce from the 1.3000 support level. Improving the situation after phase one trade deal between U.S and China helped the pair to continue bullish. However, we think the pair might stick near 1.3000 as current expectation see interest-rate cut by BOE in the next meeting.

Today Critical level to watch:

Support: 1.3000, 1.2800, 1.2625

Resistance: 1.3050, 1.3125, 1.3250

USD/JPY

USD/JPY stuck near 110.00 resistance and no change to the analysis yet. The pair expected to maintain its position near the resistance level. A bullish breakout may happen soon. However, traders might want to wait until breakout and retracement happen before entering positions.

Today critical levels to watch:

Support: 109.70, 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

AUD/USD resume its bullish movement today above the daily SMA 200. It is expected and the pair might continue upward to target 0.7000. Long positions could be taken with a stop below the daily SMA 200.

Today critical levels to watch:

Support: 0.6900, 0.6820, 0.6800

Resistance: 0.7000

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