USDX (USD Index)
The movement of U.S dollar index slowed near 94.30 support level and continue weakened today. Bounce happened in the previous day but it seems the bear is in control and could push the index down to 94.00. There is no indication yet on breakout or bounce now. It is better to wait until the cloud is clear.
News to watch
09.00 AM ECB President Draghi Speaks
10.30 AM Crude Oil Inventories, forecast deficit of 2.7 million barrels
For full outlook for this week, you can follow Forex Outlook For The Week 17 – 21 September 2018
Technical Analysis
EUR/USD
EUR/USD on the upward path today and challenging 1.1710 again. The pair still traded near the level and no breakout happen yet. Will EUR/USD breaks above 1.1710 and start new rally toward 1.1820 or rejected from 1.710 and continue ranging between 1.1500 – 1.1710?
Today critical level to watch:
Support: 1.1650, 1.1600, 1.1580, 1.1500
Resistance: 1.1710
GBP/USD
No change to the GBP/USD direction yet which is upward to 1.3250. The pair stays above 1.3125 in the previous day and confirmed a bounce. We expect GBP/USD to trade between 1.3000 – 1.3250 until the end of the month. Next week FOMC will provide more clue on the pair future movement.
Today critical level to watch:
Support: 1.3125, 1.3100, 1.3000, 1.2800
Resistance: 1.3250, 1.3300
USD/JPY
The bull making it clear by printing another bullish candlestick at the resistance. USD/JPY currently traded near 112.50 and ready to test the resistance. It is a major resistance level and we suggest trader to avoid placing long position near the resistance. Wait until either rejection or breakout happen before placing position.
Today critical level to watch:
Support: 112.00, 111.00, 110.50, 110.00
Resistance: 112.50, 113.00, 113.20
AUD/USD
AUD/USD is the easiest pair to trade for recent days and the direction of the pair is upward. We might see the pair hit 0.7300 – 0.7330 soon. There is no change to the direction yet and traders could watch reaction near the resistance area to place positions.
Today critical level to watch:
Support: 0.7160, 0.7100, 0.7000
Resistance: 0.7300, 0.7330