Forex Technical Major Pairs Analysis | September 16, 2020

USDX (USD Index)

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The bearish pressure on the U.S dollar index could not bring the index to close below 93.00. We have another close near the 93.00 and the index might attempt to bounce from the support level. Currently, there is no reaction yet from the support level. Traders who enter long positions in the U.S dollar could continue to hold it and prepare to scale out when the index move below 92.60 or 92.00.

On the upside, 94.00 and 95.00 continue to become the targets.

EUR/USD

EUR/USD attempted to move higher but the bullish movement reversed and the pair closed lower yesterday. There is not much movement yet today, however, the pair expected to retest the 1.1820 support level. If the support level is broken then traders will prepare for a pullback toward 1.1710.

today critical levels to watch:

Support: 1.1820, 1.1710, 1.1600, 1.1580

Resistance: 1.2000, 1.2070

GBP/USD

GBP/USD reached the 1.2800 and daily SMA 200. The pair made a bullish bounce from the support levels and currently on the path toward 1.3000. If the pair formed a major bearish reaction near the 1.3000 then traders could consider entering short positions with 1.2800 as the initial target.

Today Critical level to watch:

Support: 1.2800, 1.2625

Resistance: 1.3000, 1.3050

USD/JPY

USD/JPY on track lower to reach the 105.00 support level. The pair made two consecutive bearish closes and traders might want to avoid long positions at the current time. If the pair could hold the positions above 105.00 and form a major bullish reaction then traders could enter long positions.

Today critical levels to watch:

Support: 105.00, 101.19

Resistance: 106.00, 106.70, 108.00

AUD/USD

AUD/USD slowly climb higher even though the pair currently trades near the 0.7300 – 0.7330 area. There is no bearish reaction from the resistance area. If the pair continues making bullish closes then AUD/USD might continue upward to target 0.7450 – 0.7500 without further bearish correction.

Today critical levels to watch:

Support: 0.7160, 0.7000

Resistance: 0.7330, 0.7450, 0.7500

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