USDX (USD Index)
U.S dollar index fiercely higher today and currently challenging the 97.50 resistance. If the index could close above 97.50 or better above SMA 200 then the bullish trend will continue. At the current time, traders will observe the closing level of the index by the end of the week.
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 move below the daily SMA 200. It is a major upset for the bull and might extend the bearish trend in the coming week. Traders who look for short positions could wait near 1.1120 when there is the retest on the level.
today critical levels to watch:
Support: 1.1000, 1.0900
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD rejected near 1.3125 resistance level today and the pair currently testing previous day low. Even though the pair expected to continue ranging inside the 1.3000 – 1.3250, it is possible the pair will make bearish breakout below 1.3000.
We do not expect breakout this week, but the pair might be able to break out in the coming weeks.
Today Critical level to watch:
Support: 1.3000, 1.2800, 1.2625
Resistance: 1.3050, 1.3125, 1.3250
USD/JPY
USD/JPY closed above 110.00 resistance the first time yesterday. The pair has more possibilities to continue its bullish movement. There is bullish follow-through today but the pair losing its upward momentum. At the current time, USD/JPY is trading near the opening level. Will the pair make a further retreat and close below 110.00?
Today critical levels to watch:
Support: 110.00, 109.70, 109.00
Resistance: 110.50, 111.00
AUD/USD
AUD/USD unexpectedly closed near its opening level yesterday and cancel the bullish outlook. Fortunately, the pair maintained the level above SMA 200. As long as there is no close below SMA 200, it is still possible for the pair to continue bullish.
Traders will wait for further reactions at the current level.
Today critical levels to watch:
Support: 0.6900, 0.6820, 0.6800
Resistance: 0.7000