Forex Technical Major Pairs analysis January 27, 2020

By • Posted in Forex

USDX (USD Index)

A bullish breakout happened last Friday and the U.S dollar index managed to close above the daily SMA 200. The index expected to use the averages as support level and continue its bullish trend. Currently, there is no bullish follow-through yet by the bull. Traders will hold long positions in the U.S dollar and wait for further higher high printed on the chart.

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EUR/USD

EUR/USD extends its bearish movement today and getting near 1.1000 support level. There is no change in the direction yet and traders will expect the pair to reach 1.1000 soon. When the pair reach 1.1000 traders might want to wait for the bullish signal before jump-in long positions. We think it is better to wait for a breakout below 1.1000 and enter short positions as the fundamental situation supports it.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD reversed its bullish direction and closed lower in Friday trading session. The pair closed as a bearish engulfing pattern and might extend its bearish movement today. If a breakout below 1.3000 happens then traders could look for short positions on 1.3000 retest.

Today Critical level to watch:

Support: 1.3050, 1.3000, 1.2800, 1.2625

Resistance: 1.3125, 1.3250

USD/JPY

USD/JPY failed to bounce from 109.70 and the trendline support. Today, the pair extend its weakness and reach 109.00 support level. It is possible the pair could close above the support level. However, traders might want to be careful about entering long positions for now.

Today critical levels to watch:

Support: 109.00

Resistance: 109.70, 110.00

AUD/USD

There is little hope AUD/USD could reverse its bearish pressure as the pair got rejected from the daily SMA 200. The pair continue lower below 0.6820 and might target 0.6750 support level next. Traders could look for short positions when the pair retest 0.6820 level.

Today critical levels to watch:

Support: 0.6820, 0.6800

Resistance: 0.6900, 0.7000

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