USDX (USD Index)

A bearish correction happen in U.S dollar index yesterday and the bearish pressure continue today. The index soon will reach support SMA 200 and 96.70. Will it bounce from the support level? Alternatively, will it continue lower before next the Fed interest-rate decision?

News to watch

08.30 AM U.S CPI m/m, forecast 0.0%

U.S Core CPI m/m, forecast 0.2%

10.00 AM Fed Chair Powell Testifies

For full outlook for this week, you can follow Forex Outlook For The Week 8-12 July 2019

Technical Analysis

EUR/USD

No lower low printed on the EUR/USD daily chart which is a good situation for the bull. The pair currently moving up and soon will reach 1.1300. There is more room upside with 11360 and SMA 200 as targets. A breakout above 1.1360 will become a major bullish continuation trigger.

today critical levels to watch:

Support: 1.1200, 1.1180

Resistance: 1.1280, 1.1300, 1.1360, 1.1500

GBP/USD

A major bullish bounce happened in GBP/USD near the bottom of the bearish channel. The pair moving further upside today and getting near the top of the channel. Will GBP/USD continue its bearish trend inside the channel and bounce lower again?

Today Critical level to watch:

Support: 1.2500

Resistance: 1.2625, 1.2800

USD/JPY

USD/JPY closed the previous trading day with the bearish engulfing pattern. The pattern initially confirmed today by a downward movement below the pattern low. The bull currently attempting to bring USD/JPY back above the trendline. Will the bull manage to return the pair above the trendline?

Today critical levels to watch:

Support: 108.00, 107.40, 107.00

Resistance: 108.50, 109.00

AUD/USD

A test on 0.7000 and the top of the channel might happen again in AUD/USD. The pair moving up with ample momentum and looks will continue upward. Jerome Powell speech today might become the trigger for the next movement.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000, 0.7100