USDX (USD Index)

U.S dollar index started the week with bullish attempt. The upward movement has momentum but no breakout above the previous Friday high yet. This week, the index might trade between SMA 200 and resistance 97.50. We expect the index to move sideway until next week FOMC meeting.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 22-26 July 2019

Technical Analysis

EUR/USD

The pair rejection from resistance 1.1280 brought it back to square zero. The pair looks will test the bottom trendline. If the pair break lower then 1.1185 and 1.1120 will become the target. Meanwhile, we expect the pair to continue moving sideways between the trendline and 1.1280.

today critical levels to watch:

Support: 1.1200, 1.1180

Resistance: 1.1280, 1.1300, 1.1360, 1.1500

GBP/USD

GBP/USD outlook is ranging inside the bearish channel and the pair still traded inside it. No change to the outlook, traders could continue to use the channel to take positions. Bearish positions preferred to bullish positions for now.

Today Critical level to watch:

Support: 1.2400

Resistance: 1.2500, 1.2625, 1.2800

USD/JPY

USD/JPY return above 107.40 and currently attempting to extend the gain. However, the pair stuck inside a triangle pattern and show an initial sign of rejection from the top of the triangle. Traders will monitor the pair movement inside the triangle and the 107.40 support level.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.00, 108.50, 109.00

AUD/USD

The pair have not touched daily SMA 200 yet but we could see possible range between 0.7000 and the averages. AUD/USD might trade between both levels until next week FOMC meeting. Traders could apply ranging strategies for now.

Today critical levels to watch:

Support: 0.7000, 0.6900

Resistance: 0.7100