USDX (USD Index)
The bull still in control of the U.S dollar index as it closed the day on the positive side and near 97.50 resistance. There is a bearish reaction today though no movement below previous day low yet. At the current time, traders will continue to monitor the index reaction near 97.50. Will the bull manage to bring the index further upside and break the resistance 97.50? Alternatively, will it start another bearish correction?
News to watch
10.00 AM Fed Chair Powell Testifies
02.00 PM FOMC Meeting Minutes
For full outlook for this week, you can follow Forex Outlook For The Week 8-12 July 2019
Technical Analysis
EUR/USD
The pair printed further lower low on the chart but manage to recover most of the losses yesterday. Today, the pair stage a rally which has surpassed previous day high. If there is no change to the current outlook then EUR/USD might be able to continue higher toward 1.1280 – 1.1300.
today critical levels to watch:
Support: 1.1200, 1.1180
Resistance: 1.1280, 1.1300, 1.1360, 1.1500
GBP/USD
GBP/USD extends its bearish close in the previous trading day and it looks like there is no change to the bearish outlook. However, the pair currently turn upward and might bounce from the level near the bottom of its bearish channel. If the pair continues upward then traders could prepare for short positions near the top of the bearish channel.
Today Critical level to watch:
Support: –
Resistance: 1.2500, 1.2625, 1.2800
USD/JPY
USD/JPY reached the resistance 109.00 in the previous trading day and not showing any rejection sign. The pair continue to maintain the level near 109.00 resistance today. Which one will happen? Rejection or a breakout?
Today critical levels to watch:
Support: 108.50, 108.00, 107.40, 107.00
Resistance: 109.00
AUD/USD
The direction is down after the rejection from the top of the bearish channel. No change to the outlook and traders will wait for a bullish correction to enter short positions.
Today critical levels to watch:
Support: 0.6900
Resistance: 0.7000, 0.7100