USDX (USD Index)

No clear winner yet in deciding the U.S dollar index direction. The index looks contracting inside a triangle range and might settle the week not far from 98.25 support level. Although the long-term trend is bullish, it is better to limit the positions for now until clear breakout happen.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 16-20 September 2019

EUR/USD

EUR/USD consolidated inside the green triangle area and expected to close the week inside the triangle area. We have seen the pair pressuring the top of the triangle this week but no breakout happens. If a breakout with strong momentum happens then traders could enter positions base on the breakout direction.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120

GBP/USD

GBP/USD comfortably move higher toward 1.2625 and the SMA 200. The pair might reach both resistances level soon and traders could prepare for short positions when there is a bearish reaction. At the current time, traders could hold long positions or stay sideline for a while.

Today Critical level to watch:

Support: 1.2500, 1.2400, 1.2300

Resistance: 1.2600, 1.2625

USD/JPY

A bearish close happened yesterday in USD/JPY and the pair make another bearish attempt today. We expect the pair to continue its bullish movement with or without a test on 107.40 support level. When the pair hit either 109.00 or daily SMA 200 then traders could prepare for short positions.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 109.00

AUD/USD

More bearish pressure experienced by AUD/USD and the pair closed inside the blue box area. The pair might continue lower and target the bottom of the channel. No suggestion for positions at the moment. Traders might want to look for short positions when the pair make bullish corrections.

Today critical levels to watch:

Support: 0.6800, 0.6700

Resistance: 0.6900