Forex Technical Major Pairs analysis May 24, 2019

USDX (USD Index)

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Forex Technical Major Pairs analysis May 24, 2019

The index managed to climb above the previous month high. However, the bear took control and pushed it lower to form a bearish engulfing pattern. Today, the bearish pressure continues and we have the index fall toward 97.50 support level. No touch yet on the support level but the downward movement has strong momentum and should reach it next week.

If the index falls below 97.50 then we might see it continue lower toward the trendline before bounce happen.

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For full outlook for this week, you can follow Forex Outlook For The Week 20-24 May 2019

Technical Analysis

EUR/USD

Forex Technical Major Pairs analysis May 24, 2019

The bullish switch has been pushed in EUR/USD and the pair launched from 1.1120 support level. It has reached the top of the channel today and shows no bearish reaction. Will the pair continue upward next week and close above the channel?

today critical levels to watch:

Support: 1.1185, 1.1120

Resistance: 1.1200, 1.1300

GBP/USD

Forex Technical Major Pairs analysis May 24, 2019

A technical bounce from 1.2625 support level happened yesterday. The pair formed a bullish pin bar pattern which broken upside today. Nothing out of expectation yet and we might see an extension of bullish movement next week. Without any change in the direction, GBP/USD might reach 1.2800. From the fundamental side, Theresa May announces resignation, this event might open a new path for Brexit.

Today Critical level to watch:

Support: 1.2625

Resistance: 1.2800, 1.3000, 1.3125, 1.3250

USD/JPY

Forex Technical Major Pairs analysis May 24, 2019

110.00 – 110.50 played its role as resistances which hold USD/JPY from moving further higher. The bullish correction has ended and USD/JPY fell below 110.00. Today, there is more bearish pressure and the pair ready to close below the previous day low.

We expect 109.00 retested and the pair break lower.

Today critical levels to watch:

Support: 109.00

Resistance: 109.70, 110.00, 110.50

AUD/USD

Forex Technical Major Pairs analysis May 24, 2019

We have a relief rally in AUD/USD following U.S dollar index weakness. Although the situation might turn bullish, it is too early to enter long positions. The long-term trend still bearish and need a sequence of higher highs and higher low before the pair could turn bullish. At the current time, it is better to stay sideline.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000

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