Forex Technical Major Pairs Analysis | July 22, 2021

USDX (USD Index)

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U.S dollar index was rejected from the 93.00 resistance level yesterday. The index formed a bearish close and there is bearish follow-through today. However, the bearish pressure receding and the index currently trading near its opening level.

We might see the index continue trading between 92.60 – 93.00 for now until breakout happens.

EUR/USD

EUR/USD attempting to recover above 1.1820 resistance level. However, the pair seems to get rejected from the level and currently trading back near its opening level. If the pair could not reclaim the level by the end of the week the there is the possibility of bearish continuation toward 1.1710.

Today critical levels to watch:

Support: 1.1710

Resistance: 1.1820, 1.2000, 1.2070

GBP/USD

GBP/USD bounced from the 1.3600 support level and closed the day above daily SMA 200. The pair adding more bullish pressure today and surpass the previous day’s high. If there is no change in the current bullish pressure then we might see the pair testing the 1.3835 resistance level soon.

Today Critical level to watch:

Support: 1.3600

Resistance: 1.3835, 1.4000, 1.4325

USD/JPY

USD/JPY recover above the 110.00 level and closed above it. The pair has not printed a higher high to reverse the current bearish trend. If the pair could continue moving upward and reach the 111.00 resistance level then a higher high will be printed.

On the other hand, a close below 110.00 at the end of the week might signal further weakness in the coming week.

Today critical levels to watch:

Support: 110.00, 109.00, 108.00

Resistance: 111.00, 112.00

AUD/USD

AUD/USD bounced from the 0.7300 – 0.7330 support area and the pair add more bullish pressure today. We might see a bullish correction toward the 0.7450 resistance level. As the trend is bearish, traders will observe the pair reaction near the resistance level and enter short positions on bearish reactions.

Today critical levels to watch:

Support: 0.7330, 0.7300

Resistance: 0.7450, 0.7500, 0.7550

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