Forex Technical Major Pairs analysis July 08, 2020

USDX (USD Index)

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U.S dollar index closed the previous trading day on the positive side. However, the bullish close is inside the Monday range which means we have a harami pattern formed. The harami pattern mark indecision of the market. Will the index continue its movement inside the 96.70 – 97.50 range? Alternatively, will it breakout lower and continue the bearish movement toward 96.10 and 95.00?

EUR/USD

EUR/USD rejected from the 1.1300 – 1.1360 area and formed a bearish close yesterday. It is not a significant bearish close which might lead the pair back higher again. Today, there is a bullish attempt to bring the pair higher. Will the pair return inside 1.1300 – 1.1360 range and restart its bullish movement? Alternatively, will it push lower toward the 1.1185 support level?

today critical levels to watch:

Support: 1.1185, 1.1120

Resistance: 1.1300, 1.1360, 1.1500

GBP/USD

GBP/USD finally reached the daily SMA 200 yesterday. The pair has moderate bullish pressure and will attempt to break out above it. No bullish continuation yet in today’s trading session. If the pair get rejected from the daily SMA 200 instead then traders will prepare for the bearish movement toward 1.2000 – 1.2200.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY hovering in the middle of 106.70 – 108.00 without a strong clue in the next direction. We think the pair set to continue its ranging movement inside the 106.70 – 108.00. Traders will wait for a further clue at the current time.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00, 110.00

AUD/USD

AUD/USD touched the 0.7000 resistance and show a bearish reaction. It is not a strong bearish reaction which means the pair still has the chance to continue moving upward. No bullish or bearish continuation yet in today’s trading session. If the pair continues lower then the 0.6820 – 0.7000 range is maintained. On the other hand, if breakout and close above 0.7000 happen then traders will expect USD/JPY to continue upward and target 0.7160.

Today critical levels to watch:

Support: 0.6820, 0.6750, 0.6700

Resistance: 0.7000, 0.7160

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