Forex Technical Major Pairs analysis September 14, 2018

USDX (USD Index)

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U.S dollar projection inside the yellow box continues after the index rejected from the top of the box and almost reach the bottom of the box. There is a slim chance for the bull to bring the index higher to reach the top of the box this week. However, we think the index will not break below the yellow box either before 26th FOMC meeting.

Traders could use the moment to look for U.S dollar long position when the index test bottom of the box and produce a bullish pattern.

News to watch

06.00 AM BOE Gov Carney Speaks

08.30 AM U.S Core Retail Sales m/m forecast increase of 0.5%, Retail Sales m/m forecast increase of 0.4%

For full outlook for this week, you can follow Forex Outlook For The Week 10 – 14 September 2018

Technical Analysis

EUR/USD

EUR/USD moving upward and almost reach 1.1710 resistance level. The upward movement has momentum and has the possibility to break further higher. However, it is better for traders to stick to short side until an actual breakout happen. Short position from the 1.1710 resistance is possible but need a bearish confirmation first. If the bear could push the pair down then we could target 1.1500 – 1.1580 area again.

Today critical level to watch:

Support: 1.1650, 1.1600, 1.1580, 1.1500

Resistance: 1.1710

GBP/USD

GBP/USD climbed further higher in the previous day session. The pair currently testing 1.3125 and looking to add more gain toward 1.3250. We think the pair could continue further upside. But, traders might only want to place long position near 1.3050 when retest happen.

Today critical level to watch:

Support: 1.3100, 1.3000, 1.2800

Resistance: 1.3125, 1.3250

USD/JPY

112.00 finally touched in Thursday trading session and completed the rally from support 110.00. Our forecast for USD/JPY to move sideways between 110.00 – 112.00 still intact and there is no breakout yet. Will USD/JPY make a breakout and close above 112.00 by the end of the week?

Today critical level to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.50

AUD/USD

Bullish evidence piling up in AUD/USD and soon the pair might launch a rally toward 0.7300 – 0.7330 area. Selling by the bear could not reach 0.7160 support level which shown the bull is in control. Traders could place mini long position while keeping in mind the pair still in bearish trend. 0.7300 – 0.7330 is the ideal place to look for short position when exhaustion happen.

Today critical level to watch:

Support: 0.7160, 0.7100, 0.7000

Resistance: 0.7300, 0.7330

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