USDX (USD Index)
94.00 play a major part as resistance on U.S dollar index chart. The bull still not able to break the resistance and the index might trade between 93.00 – 94.00. It is nearly the end of the week, and there is only one news which could move the index. We will observe The Fed Jerome Powell speech today for the hint on next month interest-rate decision.
The hawkish comment could lead U.S dollar index higher and close above 94.00.
News to watch
08.30 AM U.S Core Durable Goods Orders m/m, forecast increase of 0.5%
09.20 AM BOE Gov Carney Speaks, Fed Chair Powell Speaks
For full outlook for this week, you can follow Forex Outlook For The Week 21 – 25 May 2018
Technical Analysis
EUR/USD
Despite the bullish close in the previous day, EUR/USD stick near 1.1710 and show no indication of a bounce yet. The pair is at risk to slip further downside toward 1.1640. There is no reason to enter long position yet in EUR/USD and traders will wait for the result from Jerome Powell speech today.
Today critical level to watch:
Support: 1.1710
Resistance: 1.1820, 1.1925, 1.2000
GBP/USD
GBP/USD bounced from 1.3300 – 1.3330 support area in the previous day. The pair currently weakens and looks will test 1.3300 – 1.3330 area again. Will the bull secure the winning this week and close the pair above 1.3450? Alternatively, will the bear made decisive close below 1.3250?
Today critical level to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3500
USD/JPY
USD/JPY paused its bearish pressure at 109.00 and aimed mini bounce today. The pair still in weak condition and might resume selling below 109.00. Today speech by Jerome Powell will become the key to determine next week trend until next month FOMC interest-rate decision.
Today critical level to watch:
Support: 109.00
Resistance: 110.00, 110.50, 111.00
AUD/USD
AUD/USD maintained the position above 0.7550 and aimed to move higher. However, there is no momentum movement yet from the level, and the market is in wait&see mode. If the bull could maintain bullish pressure, then we could expect the pair to move to 0.7640.
Today critical level to watch:
Support: 0.7550, 0.7500, 0.7450
Resistance: 0.7600, 0.7640