Forex Technical Major Pairs Analysis | January 19, 2022

USDX (USD Index)

U.S dollar index reverse the current bearish pressure and managed to climb upward. The index bounced from the 95.00 support level and looking to target 96.10 also 96.70 resistance levels. If the index could close above 96.70 then the long-term bullish trend is set to continue. On the lower side, 94.00 – 94.30 continue to become the major support levels to watch.

EUR/USD

EUR/USD reverse the bullish pressure near the 1.1500 resistance level. No-touch on the resistance level and currently the pair trading inside the 1.1300 – 1.1360 area again. We might see consolidation inside the area and traders will wait for movement outside of the area. Will the pair continue the bearish trend to target 1.1000 or will it bounce and target the daily SMA 200?

Today critical levels to watch:

Support: 1.1300, 1.1185, 1.1120, 1.1000

Resistance: 1.1360, 1.1500

GBP/USD

GBP/USD made a bearish close near the daily SMA 200. The pair will decide the next direction depending on the reaction. If the pair could bounce from the averages then we might see continuation toward 1.3835. On the other hand, a close below it could trigger further bearish pressure to resume the bearish trend.

Today Critical level to watch:

Support: 1.3600, 1.3450, 1.3330, 1.3300

Resistance: 1.3835

USD/JPY

USD/JPY stuck near 114.50 level and no clue yet on the next direction. We think the pair might resume the bullish trend and target the 115.90 resistance level again. However, if the pair start moving lower again below the pin bar formation then traders will expect continuation toward 112.00 support level.

Today critical levels to watch:

Support: 115.00, 114.50, 113.00, 112.00

Resistance: 115.90

AUD/USD

AUD/USD get rejected from the 0.7300 – 0.7330 resistance level. The pair currently trading lower and getting near the 0.7160 support level. Traders will wait for a reaction from the support level. If a bounce happens then the pair could continue upward and retest the 0.7300 – 0.7330 area. On the other hand, if a bearish breakout happens then traders will prepare for bearish movement toward 0.7000.

Today critical levels to watch:

Support: 0.7160, 0.7000

Resistance: 0.7300, 0.7330, 0.7450

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