USDX (USD Index)
No stop to the bullish pressure in U.S dollar index and this condition should leave bear traders baffled. At the current rate, the index might print a fresh yearly high and continue its bullish trend. If the index moves lower then traders could observe the reaction at 97.50 support level.
U.S advance GDP data come out better than expected at 2.1% vs. 1.8%. The data might be the confirmation that the Fed could maintain the rate unchanged at least until the next quarter.
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 is under pressure today following the previous day ECB press conference yesterday. Not much clue on the pair next long-term direction. If the bearish trend will continue then EUR/USD need to break and close below 1.1120. At the current time, no breakout happen yet and EUR/USD might consolidate between 1.1120 – 1.1185.
today critical levels to watch:
Support: 1.1120
Resistance: 1.1185, 1.1200, 1.1280, 1.1300
GBP/USD
The direction is bearish inside the channel and no change to the situation yet. GBP/USD expected to continue its movement in the bearish channel and traders suggested avoiding long positions for now.
Today Critical level to watch:
Support: 1.2300
Resistance: 1.2400, 1.2500, 1.2625, 1.2800
USD/JPY
The pair continues its upward movement and getting near 109.00 resistance level. Depend on the pair reaction at the resistance, USD/JPY long-term trend will be determined after the reaction. As long as the pair capped below 109.00 then the pair could reverse and start a new bearish trend.
Today critical levels to watch:
Support: 108.50, 108.00, 107.40
Resistance: 109.00
AUD/USD
We have a full-blown bearish momentum on the AUD/USD daily chart. The pair downward movement gaining momentum each day and fall deeper than the previous day movement. At the current time, AUD/USD should continue lower and traders might want to avoid long positions.
Today critical levels to watch:
Support: 0.6900
Resistance: 0.7000, 0.7100