Forex Technical Major Pairs Analysis | October 19, 2020

USDX (USD Index)

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A bullish bounce happened last week where the index starts moving higher from the 93.00 support level. The index closed significantly higher near the 94.00 resistance level. This week, traders will expect a test on the resistance area. If a bullish breakout happens then traders will expect further upside toward 95.00 and the daily SMA 200.

EUR/USD

EUR/USD continues its movement inside the 1.1710 – 1.1820 area with no breakout last week. The pair managed to close near the 1.1710 support level. This week, the pair might continue its movement inside the 1.1710 – 1.1820 area. Traders will observe the pair reaction near the 1.1710 support level and prepare to enter long positions when there is a bullish reaction.

today critical levels to watch:

Support: 1.1710, 1.1600, 1.1580

Resistance: 1.1820, 1.2000

GBP/USD

GBP/USD could not maintain its positions above the 1.3000 level. The pair moved lower and closed inside the 1.2800 – 1.3000 area. If the pair continue its bearish movement and closed below 1.2800 and daily SMA 200 then traders will prepare further weakness toward the red trendline.

Today Critical level to watch:

Support: 1.2800, 1.2625

Resistance: 1.3000, 1.3050, 1.3125, 1.3250

USD/JPY

USD/JPY pushed lower and tested the 105.00 support level last week. The pair managed to hold the positions above the support level. At the current time, traders will continue to monitor the pair reaction between the trendline and 105.00 support level. If a bearish breakout happens then the pair might retest the 104.00 support level again.

Today critical levels to watch:

Support: 105.00, 104.00, 101.50, 101.19

Resistance: 106.00, 106.70

AUD/USD

AUD/USD formed a lower low after the bearish close below 0.7160. The pair direction might start to turn bearish again if there is a lower high formed next. Traders will observe the pair reaction again near 0.7160 if it starts moving higher. Further bearish rejection from the 0.7160 level is the indication to enter short positions.

Today critical levels to watch:

Support: 0.7000, 0.6820

Resistance: 0.7160, 0.7300, 0.7330

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