Forex Technical Major Pairs analysis July 15, 2019

USDX (USD Index)

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The index is under pressure near the daily SMA 200. It also fell below the top of the channel and suggesting bearish continuation inside the channel. At the current time, traders will wait for a breakout below the SMA 200. If the index could close below the averages then we could expect further weakness.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 15-19 July 2019

Technical Analysis

EUR/USD

EUR/USD bull continue to put the pressure on 1.1280 resistance. Although the pair looks bullish, there is no breakout above 1.1280 and the pair has not reached 1.1300 yet. If the pair continues limited below 1.1280 then it is possible that rejection will happen. At the current time, traders will continue to monitor the pair movement near 1.1280.

today critical levels to watch:

Support: 1.1200, 1.1180

Resistance: 1.1280, 1.1300, 1.1360, 1.1500

GBP/USD

The upward movement of GBP/USD still continues and today the bull attempting to bring the pair above Friday high. We think GBP/USD will reach the top of the channel soon. If it could breakout above the channel and 1.2625 then GBP/USD could change the trend into bullish and continue toward 1.2800.

Today Critical level to watch:

Support: 1.2500

Resistance: 1.2625, 1.2800

USD/JPY

USD/JPY bullish attempt thwarted by the bear after USD/JPY fell and close near the bottom of the pin bar. The pair currently stick near the bearish candlestick low. If bearish movement continues then we could expect USD/JPY to reach 107.00 – 107.40 area.

Today critical levels to watch:

Support: 108.00, 107.40, 107.00

Resistance: 108.50, 109.00

AUD/USD

The path is clear for AUD/USD bull. AUD/USD closed above the channel and 0.7000 at the end of the previous week. Today, the pair extend its gain by moving above the previous week high. Without any change in the direction, AUD/USD expected to reach SMA 200 soon.

Today critical levels to watch:

Support: 0.7000, 0.6900

Resistance: 0.7100

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