Forex Technical Major Pairs analysis May 15, 2019

USDX (USD Index)

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Forex Technical Major Pairs analysis May 15, 2019

The index closed above 97.50 yesterday and prompt further upside movement. However, no follow-up yet by the bull and the index stick near the level today. If the index could make consecutive closes above 97.50 then it will continue upward the rest of the week. On the other hand, strong rejection from the level might trigger sell-off toward 96.70 and the trendline.

EUR/USD

Forex Technical Major Pairs analysis May 15, 2019

EUR/USD closed lower for the second day and confirmed the rejection from top of the channel. The pair could continue its downward movement and test 1.1185. If the level is broken then EUR/USD will continue its bearish trend inside the channel and trying to reach 1.1120.

today critical levels to watch:

Support: 1.1200, 1.1185, 1.1120

Resistance: 1.1300

GBP/USD

Forex Technical Major Pairs analysis May 15, 2019

GBP/USD resume its bearish trend below 1.3000 and there is nothing to stop it yet. The pair currently testing the trendline and at the middle of 1.2800 – 1.3000 range. No change to the outlook yet and we expect the pair to reach 1.2800 this week or next week. Traders could prepare for long positions when the pair reach 1.2800.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3125, 1.3250

USD/JPY

Forex Technical Major Pairs analysis May 15, 2019

USD/JPY bounced from 109.00 and formed a bullish harami pattern. The bull might return to the pair if the price could close above the pattern. At the current time, we have a range span between 109.00 – 109.70. Without any breakout, USD/JPY expected to trade sideways inside the range.

Today critical levels to watch:

Support: 109.00

Resistance: 109.70, 110.00, 110.50

AUD/USD

Forex Technical Major Pairs analysis May 15, 2019

AUD/USD continues its bearish movement after the breakout below 0.7000 and the triangle pattern. No reason to take long positions yet. The pair expected to test the green trendline and the bottom of the channel before a bounce possible.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000, 0.7080, 0.7160, 0.7200

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