Forex Technical Major Pairs analysis July 09, 2020

USDX (USD Index)

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The movement of the U.S dollar index become bearish as the index closed below 96.70 support level yesterday. At the current time, the index has moved below the previous day low and getting near the 96.10 support level. Will the index breakout below 96.10 and continue lower to target 95.00?

EUR/USD

EUR/USD tested the 1.1360 resistance level today and it looks like the pair reacted bearishly. Currently, the pair trade back near its opening level and might start moving lower. If the pair moves lower then 1.1300 will become the support level to watch. A close below 1.1300 will trigger further bearish pressure toward 1.1185.

today critical levels to watch:

Support: 1.1300, 1.1185, 1.1120

Resistance: 1.1360, 1.1500

GBP/USD

GBP/USD crossed above the daily SMA 200 and 1.2625 resistance level. The pair continue to add more bullish pressure and attempting to distance itself from the 1.2625 level. There is no confirmation yet the pair will be able to continue the move higher toward the 1.2800.

Traders will monitor closely the pair reaction near the 1.2625 resistance and the daily SMA 200.

Today Critical level to watch:

Support: 1.2500, 1.2200, 1.2000

Resistance: 1.2625, 1.2800

USD/JPY

USD/JPY still hanging in the middle of 106.70 – 108.00 area. No clue yet on the next direction of the pair. Traders will assume the pair will continue its ranging movement inside the 106.70 – 108.00 range. Ranging strategies could be applied until breakout happen.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00, 110.00

AUD/USD

AUD/USD undergo a test on the 0.7000 resistance again today. No breakout of bearish rejection from the resistance level yet. Traders will continue waiting for a reaction from the level. If the pair could form major bearish pattern then AUD/USD might fall and target 0.6820. On the other hand, if bullish breakout happens then 0.7160 will become the upside target.

Today critical levels to watch:

Support: 0.6820, 0.6750, 0.6700

Resistance: 0.7000, 0.7160

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