USDX (USD Index)

U.S dollar index thrust upward Yesterday and tested 95.50 again. The test results in rejection, however, the index stay above 95.00. Today, there is a possibility the index has tested and bounced from 95.00 support level. If the upward momentum continues, we might see a test of 95.50 resistance again.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 16 – 20 July 2018

Technical Analysis

EUR/USD

EUR/USD bounced from 1.1580 support level Yesterday and close at 1.1640. The pair range intact inside the green box area. Without any change in direction, we expect EUR/USD to continue trading inside the green box lower part between 1.1580 -1.1640.

Today critical level to watch:

Support: 1.1600, 1.1580, 1.1500

Resistance: 1.1650, 1.1710, 1.1820

GBP/USD

No bounce from 1.3300 and the bottom of channel yet. GBP/USD is looking for buyers at the current level, and we think the pair has the opportunity to bounce before further downside. If the pair bounced, the upward target located at the top of the channel or around 1.3125.

Today critical level to watch:

Support: 1.3000

Resistance: 1.3100, 1.3250, 1.3300

USD/JPY

USD/JPY rejected from 113.20 resistance and closed below 112.50. The pair moved down to a level near 112.00 as expected and found support near it. Currently, there is direction settled yet and the pair stick near 112.50. It seems by the end of the week, and we might see a close near 112.50.

Today critical level to watch:

Support: 112.00

Resistance: 112.50, 113.00, 113.20

AUD/USD

Ranging movement of AUD/USD continues inside the green box after the pair manages to close above the bottom of the box. The pair made another test on the support and recovered its losses today by moving above opening level. Without any change in the trend, we might see AUD/USD hanging near the top of the green box next week.

Today critical level to watch:

Support: 0.7330

Resistance: 0.7400, 0.7500