Forex Technical Major Pairs analysis May 14, 2019

USDX (USD Index)

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U.S dollar index broke below 97.50 and convincing traders that the index will continue lower. However, at the end of the previous week, the trade talks between the U.S and China reach no deal. At the current time, traders and investors are waiting for China retaliation against increased tariff by the U.S.

If the situation turns worse then we could expect the U.S dollar index to continue its upward movement and move above 97.50.

EUR/USD

EUR/USD rejected from the top of the channel and closed as bearish pin bar pattern. The pair has not confirmed the candlestick pattern and today it makes an attempt on the top of the channel again. Will we see rejection or breakout above the channel?

today critical levels to watch:

Support: 1.1200, 1.1185, 1.1120

Resistance: 1.1300

GBP/USD

GBP/USD started the week with bearish movement and manage to close below 1.3000. The pair risk further downside following the breakout. If the bearish pressure continues then we could expect GBP/USD to reach 1.2800 or the red trendline.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3125, 1.3250

USD/JPY

The bear dominance has not ended yet in USD/JPY. The pair tumble below previous week low and reach another checkpoint at 109.00. At the current time, there is a bullish reaction from the support level and USD/JPY recovered most of the losses incurred yesterday. Will USD/JPY bounce continue and we have a close above 110.00 by the end of the week?

Meanwhile, the range projected to span between 109.00 – 110.00.

Today critical levels to watch:

Support: 109.00

Resistance: 110.00, 110.50, 111.00, 112.00

AUD/USD

A breakout lower happened in AUD/USD and the pair might have reached the no-return point. At the current level, the pair has more potential to move lower than returning above 0.7000. Short positions near 0.7000 are the possible option traders could take. On the other hand, long positions are not suggested.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000, 0.7080, 0.7160, 0.7200

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