Forex Technical Major Pairs analysis July 13, 2018

USDX (USD Index)

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U.S dollar index upward movement continue today and surpass 95.00 resistance level. The upward momentum is strong and could test 95.50 soon. After the test, it is possible the bear will return and push the index lower. There is nothing to do yet at the current time, and it is better to continue holding a long position in U.S dollar.

News to watch

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 losing more ground and on the path to test 1.1500 – 1.1580 area. No bullish position suggested, and traders could continue to hold the short position until the close of the week. However, the bull could return anytime as support area is not far from the current level.

Today critical level to watch:

Support: 1.1600

Resistance: 1.1650, 1.1710, 1.1820

GBP/USD

GBP/USD on track lower between two trendlines as expected. The pair could continue its downward movement until it reaches 1.3000 or the bottom trendline. When the support level tested, it is possible GBP/USD will bounce toward the top trendline again.

Today critical level to watch:

Support: 1.3100, 1.3000

Resistance: 1.3250, 1.3300, 1.3330

USD/JPY

USD/JPY closed few pips above 112.50 which suggested no breakout yet. The pair attempt to move above 112.50 today but the bull could not shake selling pressure by the bear. As the week come to close soon, we think the pair will close near 112.50 again and waiting for direction next week.

Today critical level to watch:

Support: 111.00, 110.50

Resistance: 112.50

AUD/USD

AUD/USD looks will settle inside the green box this week and favor further downward movement in the coming week. No clue on AUD/USD next long-term direction yet. Meanwhile, traders could take the time to trade the range until breakout happens.

Today critical level to watch:

Support: 0.7330, 0.7300

Resistance: 0.7400, 0.7500

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