Forex Technical Major Pairs Analysis | May 13, 2022

USDX (USD Index)

U.S dollar index launched upward and print a new higher high. There is no sign of a bearish reversal yet which means traders could continue to hold long positions in the U.S dollar. However, a bearish correction might be due and traders will prepare for the event. If the bearish correction manages to reach the 100.00 – 100.30 area then traders could prepare for long positions in the U.S dollar.

EUR/USD

EUR/USD continue its bearish movement and reached the level near 1.0339. There is no bullish reaction yet which means the bearish movement might continue again. Traders will stay cautious when taking long positions. Meanwhile, if the pair start a bullish correction then traders could enter short positions near resistance levels.

Today’s critical levels to watch:

Support: 1.0339, 1.0000

Resistance: 1.0650, 1.0800, 1.0900

GBP/USD

GBP/USD closed near the 1.2200 support level and show no bullish reaction yet. The pair might extend its bearish movement toward the 1.2100 and 1.2000 support level next. It is better to wait for a bullish correction toward a resistance level to enter short positions. However, traders who want to speculate could enter long positions near the 1.2000 – 1.2200 area with stops below the 1.2000.

Today Critical level to watch:

Support: 1.2200, 1.2100, 1.2000

Resistance: 1.2400, 1.2500, 1.2625, 1.3000

USD/JPY

USD/JPY finally forms a bearish candlestick close which indicates a possible bearish correction. However, there is no bearish continuation in today’s trading session. No change to the previous strategy where traders will wait for a bearish correction toward the trendline and 125.00. If the pair could reach the support levels and form a major bullish reaction then traders could enter long positions.

Today’s critical levels to watch:

Support: 126.00, 125.00, 120.00

Resistance: 130.00

AUD/USD

AUD/USD extended the bearish movement and almost reached the 0.6820 support level yesterday. There is no bearish follow-through today as the pair start moving upward. At the current time, the pair is trading inside the previous day’s range. If the pair start a bullish correction then traders will wait near the 0.7000 and 0.7160 resistance levels for chances to enter short positions.

Today critical levels to watch:

Support: 0.6820, 0.6750

Resistance: 0.7000, 0.7160

Copyright © 2022. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.