USDX (USD Index)

U.S dollar index hovering between 97.50 and SMA 200 today. The index expected to continue its consolidation for now until breakout happens. No clue on the next direction yet. The next movement could be either a fake breakout of daily SMA 200 or sudden jump from below SMA 200 toward 98.25.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 20 – 24 January 2020

EUR/USD

EUR/USD continues its downward movement today but without strong bearish momentum. The pair currently trades above the opening level and might close the day flat. Similar to the situation in the U.S dollar index, the pair might stall near the current level while waiting for a trigger for the next movement.

today critical levels to watch:

Support: 1.0900

Resistance: 1.1000, 1.1120, 1.1185

GBP/USD

GBP/USD launched from 1.3000 support level and reach the 1.3125 resistance level in one swoop. It is unexpected following the looming BOE interest-rate decision. If the pair continues upward then 1.3250 will become the upside target and resistance level to watch for a possible reversal.

Today Critical level to watch:

Support: 1.3050, 1.3000, 1.2800, 1.2625

Resistance: 1.3125, 1.3250

USD/JPY

USD/JPY fell below 110.00 support level and expected to continue its bearish correction toward 109.70 or the trendline. The bull currently testing the broken 110.00 level and waiting for the conclusion. No rejection yet from the resistance level for now.

Today critical levels to watch:

Support: 109.70, 109.00

Resistance: 110.00, 110.50, 111.00

AUD/USD

AUD/USD extends its bearish movement from the daily SMA 200. The pair getting near 0.6820 support level and might test it soon. Traders will wait for a reaction near 0.6820 to determine if the current bearish movement will continue below the support level or not.

Today critical levels to watch:

Support: 0.6820, 0.6800

Resistance: 0.6900, 0.7000