Forex Technical Major Pairs analysis July 13, 2020

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USDX (USD Index)

The bearish pressure on the U.S dollar index managed to bring the index below 96.70. However, there is no decisive bearish close below the level and the index currently attempting to bounce from the level. If the index could bounce from the support level then we might see rally toward 97.50 resistance.

EUR/USD

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EUR/USD stick near the 1.1300 – 1.1360 area even-though there was rejection from the area last week. The pair currently attempting to climb above 1.1300 but losing bullish momentum. If the bear could push the pair below 1.1300 and close below it then EUR/USD might start another bearish correction toward 1.1185.

today critical levels to watch:

Support: 1.1185, 1.1120

Resistance: 1.1300, 1.1360, 1.1500

GBP/USD

GBP/USD could not close above the 1.2625 resistance level. Currently, the pair traded between the 1.2625 and daily SMA 200. No breakout from the range yet. Traders will continue to observe the pair reaction between the two levels. If the bullish breakout happens then GBP/USD might extend its bullish movement toward 1.2800.

On the other hand, if a bearish breakout happens then GBP/USD might start moving lower to target 1.2000 – 1.2200.

Today Critical level to watch:

Support: 1.2500, 1.2200, 1.2000

Resistance: 1.2625, 1.2800

USD/JPY

USD/JPY reached the 106.70 support level but no lower low or breakout below the level yet. The pair currently traded higher from the 106.70 support level and might continue its ranging movement between 106.70 – 108.00. Traders might want to continue to apply ranging strategies inside the range for now.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00, 110.00

AUD/USD

AUD/USD consolidation near the 0.7000 looks will continue for now. The pair showed bearish rejection from the level last week but no follow-through by the bear. At the current time, traders will continue waiting for a reaction from the 0.7000 resistance before deciding the next direction.

Today critical levels to watch:

Support: 0.6820, 0.6750, 0.6700

Resistance: 0.7000, 0.7160

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