USDX (USD Index)

U.S dollar index blast through resistance 97.50 today and ready to challenge previous day high. The upward movement still has momentum and might breakout cleanly above 97.50 soon. Traders could watch 97.50 as the level to look for long positions in U.S dollar. However, a close below 97.50 by the end of the week will cancel the current outlook and might reverse it to bearish.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 22-26 April 2019

Technical Analysis

EUR/USD

EUR/USD path is downward and has reached the level near 1.1185. The pair still has strong downward pressure and might retest the level near 1.1185. No reason to take long positions yet. If a breakout below the level happens, then we could expect EUR/USD to continue toward 1.1120 or the bottom of the channel.

today critical levels to watch:

Support: 1.1200

Resistance: 1.1300, 1.1360, 1.1400

GBP/USD

GBP/USD made a retest on 1.3000 before turned lower and closed the day bearish. The pair still has more room lower toward 1.2800. Traders better wait for an upward correction before placing any short positions. When the pair hit 1.2800, it is possible the bull will enter the market and push GBP/USD higher.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3125, 1.3250

USD/JPY

No change yet to USD/JPY trend which is sideways between daily SMA 200 and 112.00 resistance. We still favor a breakout above 112.00 and bullish continuation. However, if USD/JPY closed below SMA 200 then the outlook might switch to medium-term bearish.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.14, 112.50

AUD/USD

The bearish pressure gained traction and we have the pair print new monthly low. It is clear that the bear is in control and it is better for traders to stick to short positions whenever bullish bounce happens. The bearish target of the current leg is located at the bottom of the red channel.

Today critical levels to watch:

Support: 0.7000

Resistance: 0.7080, 0.7160, 0.7200