Forex Technical Major Pairs analysis July 19, 2019

USDX (USD Index)

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It is too early to determine the next trend of the U.S dollar index. In the previous day, the index fell below SMA 200 and close below the top of its bearish channel. The return inside channel canceled by the rally today. Most of the actions in the index caused by Fed John William commentary on rate-cut which clarified by New York Fed today.

Meanwhile, the index could move further upside but we believe it will be stuck below 97.50 until the FOMC rate decision.

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 rejected from 1.1280 in today trading session. The action confirmed the possibility that the pair will range between 1.1185 and 1.1280 until this month FOMC meeting. At the current time, traders could use the moment to apply ranging strategies.

today critical levels to watch:

Support: 1.1200, 1.1180

Resistance: 1.1280, 1.1300, 1.1360, 1.1500

GBP/USD

No major bearish reaction yet even though the pair move lower today. GBP/USD expected to continue its ranging movement inside the bearish channel and there is no change to the projection for now.

Today Critical level to watch:

Support: 1.2500, 1.2400

Resistance: 1.2625, 1.2800

USD/JPY

USD/JPY dived and reach 107.00 – 107.40 support area in the previous day. The pair formed strong bearish momentum candlestick which was convincing for further bearish movement. However, the bull manages to pull the pair from below 107.40 and currently rallying upside. We might see further limited bullish reaction next week proceeding into FOMC meeting.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.00, 108.50, 109.00

AUD/USD

Although the pair do not reach daily SMA 200 today, it has completed the bullish leg. At the current time, the pair might experience bearish correction toward 0.7000 – 0.7050. Traders could use the level between 0.7050 and daily SMA 200 as a reference area to take positions.

Today critical levels to watch:

Support: 0.7000, 0.6900

Resistance: 0.7100

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