USDX (USD Index)
The path of U.S dollar index continues pointed upward and it seems no stop yet despite the looming the Fed interest-rate decision. We think the index will pause before the interest-rate announcement. Traders might want to avoid taking a long-term position for now.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 29-2 August 2019
Technical Analysis
EUR/USD
EUR/USD bounced from 1.1120 support level and currently hanging at the middle of 1.1120 – 1.1185 range. There is no clue in the next direction yet. The pair might continue sideline inside the range for now. We might see a momentum movement today after interest-rate announcement. EUR/USD next trend might be possible to determine by observing where the pair close at the end of the day.
today critical levels to watch:
Support: 1.1120
Resistance: 1.1185, 1.1200, 1.1280
GBP/USD
GBP/USD pushed lower near 1.2000 – 1.2100 support area. The pair bearish pressure might continue until the pair reach 1.2000. At the current time, there is a bullish attempt by the bull. We think the bullish pressure might be temporary and GBP/USD might resume its bearish movement after the Fed.
Today Critical level to watch:
Support: 1.2100, 1.2000
Resistance: 1.2300, 1.2400
USD/JPY
USD/JPY rejected from the level near 109.00 but maintain the price near it. Today we might get a clue on the pair next direction after the Fed interest-rate announcement. A break and close above 109.00 should open the path upward to test 110.00.
Today critical levels to watch:
Support: 108.50, 108.00, 107.40
Resistance: 109.00, 110.00
AUD/USD
AUD/USD down for eight consecutive days. The pair has not shown any bullish reaction since the rejection from the level near-daily SMA 200. Today, the pair stop falling and attempting to move higher. Traders might want to wait for the daily closing level to determine if the pair will continue its bearish trend or start a bullish correction.
Today critical levels to watch:
Support: –
Resistance: 0.6900, 0.7000, 0.7100