USDX (USD Index)
U.S dollar index upward movement stuck near the bottom of the blue channel but hovering near the red trendline. The bull might come near the trendline and push the index further upside.
News to watch
08.30 AM U.S Core Retail Sales m/m, forecast 0.4%
PPI m/m, forecast 0.1%
Retail Sales m/m, estimate 0.3%
10.30 AM U.S Crude Oil Inventories, forecast surplus of 2.2 million barrels.
For full outlook for this week, you can follow Forex Outlook For The Week 12 – 16 Mar 2018
Technical Analysis
EUR/USD
EUR/USD hit the top black trendline and the top of the blue channel. There is initial bearish reaction near both resistance and might lead EUR/USD down to 1.2300 or bottom of the channel. Traders who are looking for the short position could take it near the black trendline with a stop above 1.2450.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
GBP/USD bullish move halted at 1.4000 resistance and the price fall back to its opening level today. If the ranging scenario happens, then we will see GBP/USD traded between 1.3835 – 1.4000 until next direction settled.
Today critical level to watch:
Support: 1.3850, 1.3835, 1.3800, 1.3600
Resistance: 1.4000
USD/JPY
USD/JPY is unable to surpass 107.40 and traded between 106.10 – 107.00. Does it mean the pair ready for another bearish push? While it is possible for the bear to push the pair lower as there is no higher high, traders will continue observing the pair movement between 106.10 -107.40.
Today critical level to watch:
Support: 106.10, 105.50, 105.00
Resistance: 107.00, 107.40, 109.00
AUD/USD
The bear has not thrown the towel yet, AUD/USD stay below 0.7875 at the end of the previous day session. However, the bull makes another upward push today and almost surpass the previous day high. Traders will wait today closing price before jump in position.
Today critical level to watch:
Support: 0.7875, 0.7800, 0.7750, 0.7690
Resistance: 0.7970, 0.8000