USDX (USD Index)
There is bullish confirmation after previous day candlestick closed above the red trendline and followed by the index movement above the high. U.S dollar index is set up for further bullish move in the next week. Traders continue observing the index close by the end of the day. A reversal and close below the red trendline are undesirable for the bull.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 12 – 16 Mar 2018
Technical Analysis
EUR/USD
EUR/USD accelerate downside after the rejection from the top of the channel. The downward movement has momentum and ready to break 1.2300 before the week closed. Traders will watch the pair reaction at 1.2300 today, a closure above 1.2300 might cancel the bearish outlook and drive EUR/USD higher next week.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
There is nothing to do yet in GBP/USD as the pair follow the ranging scenario between 1.3835 – 1.4000. Currently, the bear is in control and might lead the pair toward 1.3835. Traders will watch the price movement at the support level and decide if the bull will return near 1.3835.
Today critical level to watch:
Support: 1.3850, 1.3835, 1.3800, 1.3600
Resistance: 1.4000
USD/JPY
106.10 in USD/JPY being attacked fiercely by the bear, but there is no decisive breakout yet. The bull maintained the level and always closed the pair above it. Today most important thing for the bull to happen is another close above 106.10 which will break the bear spirit.
Today critical level to watch:
Support: 106.10, 105.50, 105.00
Resistance: 107.00, 107.40, 109.00
AUD/USD
AUD/USD relived the bear after the pair closed below 0.7800 followed by sharp breakout below daily SMA 200. There is not much hope for the bull as the bear make big distance against SMA 200. At the current time, AUD/USD expected to continue its downward movement and reach 0.7640.
Today critical level to watch:
Support: 0.7690, 0.7640
Resistance: 0.7750, 0.7800, 0.7875, 0.7970