USDX (USD Index)
U.S dollar index direction continues downward, and the index is currently testing 92.00 broken support level. If the index could not move above the support turned resistance, it should continue the downtrend.
News to watch
04.30 AM UK CPI, estimated an increase of 2.8% annually.
For full outlook for this week, you can follow Forex Outlook For The Week 11 – 15 Sep 2017
Technical Analysis
EUR/USD
EUR/USD retreated on Monday trading session and looking for support level. The pair continues to enjoy ample bullish sentiment and might not reverse yet. On the downside, 1.1925 is the support level to watch. Also, the pair currently hit short-term bullish trend line.
Today critical level to watch:
Support: 1.1925, 1.1900, 1.1820
Resistance: 1.2000, 1.2068
GBP/USD
GBP/USD is getting near the 1.3250 resistance level. However, currently, the pair hindered by the blue channel bottom. It looks like the resistance level will be reached by the bull in the future and it might break sharply if the break triggered by major news result. Today there is CPI news, and a higher inflation number might be considered bullish.
Today critical level to watch:
Support: 1.3100, 1.3070, 1.3000, 1.2930
Resistance: 1.3200, 1.3250
USD/JPY
USD/JPY fell to new low in Friday trading session and reach our support level. Fortunately, the bull entered the market and pushed the pair to close above 109.00 in Monday session. The upward movement print a powerful “V” shaped bullish pattern which encourages more bullish pressure short-term. A close higher than previous day high will trigger upward test toward 110.50 or the bearish trendline.
Today critical level to watch:
Support: 109.00, 108.80, 108.10, 107.40, 107.00
Resistance: 110.50
AUD/USD
The breakout above 0.8000 is a bullish confirmation for the AUD/USD pair. Traders apparently watch 0.8000 broken resistance to look if the level will provide support for further upside. Currently, the pair found support and being bought after a small test downside. If the bull could push the price further upside and close above previous day high, it will confirm a continuation of the uptrend.
Otherwise, a close below 0.8000 and the support trend line will jeopardize all bull effort.
Today critical level to watch:
Support: 0.8000, 0.7970, 0.7900
Resistance: 0.8100