Forex Technical Major Pairs Analysis | July 23, 2021

USDX (USD Index)

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The bearish pressure on the U.S dollar index reversed near the 92.60 support level. The index managed to close the previous day trading on the bullish side. At the current time, there is bullish follow-through and the index set to test the 93.00 resistance level. It seems a bullish breakout is imminent and traders might want to avoid shorting the U.S dollar for now until a major bearish reaction happen.

EUR/USD

EUR/USD was rejected from the 1.1820 level and formed a bearish close yesterday. The pair has not moved much from the opening level today. If the pair continues its bearish movement toward 1.1710 then traders could consider long positions near it. However, as long as the pair stays below 1.1820, the trend will continue to be bearish.

Today critical levels to watch:

Support: 1.1710

Resistance: 1.1820, 1.2000, 1.2070

GBP/USD

GBP/USD extended its bullish close above the daily SMA 200. The pair seems will keep building bullish pressure and target the 1.3835 resistance level. However, it seems the pair is under bearish pressure today. If the bearish pressure continues then traders will observe the pair reaction at the daily SMA 200.

A close below the averages might trigger bearish continuation.

Today Critical level to watch:

Support: 1.3600

Resistance: 1.3835, 1.4000, 1.4325

USD/JPY

USD/JPY bounce from 110.00 support level and averted further weakness below it. The pair will attempt to print a higher high and close above 111.00 to cancel the current bearish outlook. Despite the bullish situation, if the pair reverse the direction and make a close below 110.00 then we might see a bearish continuation.

Today critical levels to watch:

Support: 110.00, 109.00, 108.00

Resistance: 111.00, 112.00

AUD/USD

AUD/USD bullish bounce from the 0.7300 – 0.7330 area extends for the second day. The pair might continue upward and target the 0.7450 resistance level. At the current time, the trend is bearish which means traders could prepare for short positions near the 0.7450 resistance level.

Today critical levels to watch:

Support: 0.7330, 0.7300

Resistance: 0.7450, 0.7500, 0.7550

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