USDX (USD Index)

U.S dollar index stage another rally above daily SMA 200 today. It seems the index will close the day above SMA 200 and resume its long-term bullish trend. On the weekly chart, the outlook is more encouraging as the index return inside the bullish channel and might close the week as a bullish engulfing pattern.

Traders will wait for the weekly close and re-enter long positions in the U.S dollar when the bullish pattern confirmed.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 09 – 13 March 2020

EUR/USD

EUR/USD made another bearish close yesterday and currently testing the daily SMA 200. If the pair closes below the daily SMA 200 then the pair may continue its bearish movement and return to a medium-long-term bearish trend.

today critical levels to watch:

Support: 1.1120, 1.1000

Resistance: 1.1185, 1.1200

GBP/USD

GBP/USD breached the daily SMA 200 and closed below 1.2635 support level. In the medium-term, we might see the pair reach 1.2000 support level. At the current time, the nearest psychological level to watch is 1.2500.

Today Critical level to watch:

Support: 1.2500

Resistance: 1.2625, 1.2800, 1.3000

USD/JPY

USD/JPY on the path higher today and expected to target daily SMA 200. U.S dollar index gaining its ground against most of the major currencies. If USD/JPY could close above SMA 200 then the pair may start a new bullish trend.

Today critical levels to watch:

Support: 105.00

Resistance: 106.70, 107.00, 108.00

AUD/USD

There is no change to the direction of AUD/USD, the pair expected to move lower and print lower low. However, the bull manage to maintain the pair from further bearish movement today. If there is a bullish correction movement then traders could wait near the resistance level to place short positions.

Today critical levels to watch:

Support: 0.6200, 0.6000

Resistance: 0.6400, 0.6500