USDX (USD Index)

U.S dollar index maintains the bullish pressure above 97.50 before the release of advance GDP data today. Strong GDP number will boost the index further upside toward 99.40 and 100.00. However, a weak number might bring the index down to test 97.50 where traders could observe for long positions.

News to watch

08.30 U.S Advance GDP q/q, forecast 2.2%

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

Technical Analysis

EUR/USD

EUR/USD weakness brought the pair down and reach 1.1120 checkpoints. The pair attempt to bounce from the level today. No strong confirmation yet and U.S GDP data could become the trigger for either bounce or breakout lower. If a bounce happens then EUR/USD might retest 1.1185.

today critical levels to watch:

Support: 1.1120

Resistance: 1.1185, 1.1200, 1.1300

GBP/USD

The direction is downward for GBP/USD and there is no change yet. Yesterday, the pair formed a doji pattern which shows indecision. The pair slightly higher but could not surpass the previous day high yet. If GBP/USD move higher and reach trendline then traders could look for short positions. Long positions will wait until the pair reach 1.2800.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3125, 1.3250

USD/JPY

USD/JPY moving with high volatility between SMA 200 and 112.50. Despite the close above 112.00 in Wednesday trading session, the pair fell back below the level and close near SMA 200 yesterday. No breakout happened and traders could use the moment to trade the range between SMA 200 and 112.50.

Today critical levels to watch:

Support: 112.00, 111.00, 110.50, 110.00

Resistance: 112.50, 112.14, 112.50

AUD/USD

AUD/USD tested 0.7000 in the previous day and produce a pin bar pattern. The pattern is broken upside today which confirm initial bullish bounce from 0.7000. As long as the price close above the previous day high then AUD/USD set to move up. Even though there is a bullish indication, traders might want to stick to the short side as the bearish momentum before the pin bar pattern is extremely strong.

Today critical levels to watch:

Support: 0.7000

Resistance: 0.7080, 0.7160, 0.7200