Forex Technical Major Pairs analysis July 11, 2018

USDX (USD Index)

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U.S dollar index is holding out above 94.00 for the second day and slowly forming a bottom. If the index could bounce and close inside the yellow box area, then we can confirm the bull will resume the uptrend. On the other hand, a close below 94.00 will open more room for selling in U.S dollar.

News to watch

03.00 AM ECB President Draghi Speaks

10.30 AM U.S Crude Oil Inventories, forecast deficit of 4.1 million barrels

11.35 AM BOE Gov Carney Speaks

For full outlook for this week, you can follow Forex Outlook For The Week 9 – 13 July 2018

Technical Analysis

EUR/USD

EUR/USD is hovering above 1.1710 but could not widen the distance above it. The pair is consolidating at the current time and moving near its opening level. There is no direction yet, and traders will wait until either bearish or bullish momentum candlestick formed.

Today critical level to watch:

Support: 1.1710, 1.1650, 1.1600

Resistance: 1.1820

GBP/USD

No conclusion yet on GBP/USD direction as the pair rejected from top of the triangle but maintain the position above 1.3250. The pair is waiting for a breakout, and it could break either way. However, the overall trend is bearish which suggest traders to prefer short position to long position.

Today critical level to watch:

Support: 1.3250, 1.3100, 1.3000

Resistance: 1.3300, 1.3330

USD/JPY

Although the bull is putting much pressure on 111.00, no breakout higher seen yet in USD/JPY. However, traders could stay optimistic as the close gets higher each day. At the moment, it is better to stay sideline and wait for the further reaction from the level 111.00

Today critical level to watch:

Support: 110.50, 110.00, 109.50

Resistance: 111.00

AUD/USD

AUD/USD closed above the green box Yesterday, but the pair slides down below it today. It seems the bear has returned and short position from current level could reach the bottom of the green box.

Note: There is the possibility of sudden bullish jump and close above green box which could cancel the bearish outlook.

Today critical level to watch:

Support: 0.7400, 0.7330, 0.7300

Resistance: 0.7500, 0.7550, 0.7600

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