USDX (USD Index)

The upward movement of the U.S dollar index continues today after the bounce from 97.50 support level. Current movement incited by ECB statement where the central bank mentioned the interest-rate will either stay the same or lower in the initial of 2020. Despite the bullish pressure, traders and investors might wait until FOMC meeting next week to determine the next direction of U.S dollar index.

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

EUR/USD moves wildly today but the movement contained inside 1.1120 – 1.1185. The pair might settle inside 1.1120 – 1.1185 and continue its ranging movement until next week FOMC meeting. Will the pair breakdown below 1.1120 and continue its bearish trend?

today critical levels to watch:

Support: 1.1120

Resistance: 1.1180, 1.1200, 1.1280, 1.1300

GBP/USD

GBP/USD continues its movement inside the bearish channel and there is no change to the outlook. Traders suggested continuing waiting for a chance to enter short positions following the direction of the trend. Long positions could turn successful but it is better to take it at a lower level.

Today Critical level to watch:

Support: 1.2400

Resistance: 1.2500, 1.2625, 1.2800

USD/JPY

USD/JPY decided to move higher today and launch toward a level near 109.00. It is around 30 pip from the resistance and might reach it soon. The overall trend will turn bullish if the pair could surpass 109.00 and close above it.

Today critical levels to watch:

Support: 108.50, 108.00, 107.40

Resistance: 109.00

AUD/USD

More bearish pressure seen on the AUD/USD daily chart. The pair fall for the fifth day and show consistent bearish pressure. It is better to avoid long positions for now. If the pair could close below previous swing low at 0.6911 then AUD/USD might continue its long-term bearish trend.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000, 0.7100