Forex Technical Major Pairs Analysis | July 21, 2021

USDX (USD Index)

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The index continues moving upward and pressuring the 93.00 resistance level. There is no bearish reaction yet from the resistance level. If the index could print a bullish close above 93.00 with strong bullish momentum then we will expect further upside toward 94.00.

EUR/USD

EUR/USD drifted lower and continue printing lower low on the daily chart. The pair might continue its bearish movement and target the 1.1710 support level. Without any close above 1.1820 and higher high printed then it is better to stay away from long positions.

However, when the pair reach 1.1710 and form bullish reaction then traders could enter speculative long positions near it with a tight stop.

Today critical levels to watch:

Support: 1.1710

Resistance: 1.1820, 1.2000, 1.2070

GBP/USD

GBP/USD extended its bearish movement below the daily SMA 200 and made a close near 1.3600. The pair currently testing the support level and looking to breakout below it. If the pair could not return above daily SMA 200 at the end of the week then the trend might have switched to bearish for the medium-long term.

Today Critical level to watch:

Support: 1.3600

Resistance: 1.3835, 1.4000, 1.4325

USD/JPY

USD/JPY pushed lower below 110.00 however the pair stage recovery yesterday and closed near the level again. We think the level could be used as a place to enter short positions with 108.00 as the target. Traders will place stop orders above two days high or above 110.00 if entering short positions.

Today critical levels to watch:

Support: 109.00, 108.00

Resistance: 110.00, 111.00, 112.00

AUD/USD

AUD/USD reached the 0.7300 – 0.7330 area and show no bullish reaction. The pair currently pressuring the area and looking for a bearish breakout. Under the current situation, traders could only wait for the reaction and closing level of the pair. If the pair continues moving lower then 0.7160 and 0.7000 will become the targets next.

Today critical levels to watch:

Support: 0.7330, 0.7300

Resistance: 0.7450, 0.7500, 0.7550

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