USDX (USD Index)

The bearish pressure on the U.S dollar index has subsided and the index starts moving higher again from 98.40 support level. Today, the index has surpassed 99.40 resistance and might extend its bullish movement toward 100.00. We think this will become a vital moment for the index. The current range might span between 99.40 – 100.00 until breakout happens.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 30 March – 3 April 2020

EUR/USD

No bullish follow-through yet in EUR/USD as the pair rejected from the daily SMA 200. The pair currently move below 1.1000 support level and might extend its bearish pressure toward 1.0900. However, if the pair could close above 1.1000 by the end of day then traders will expect another test on daily SMA 200.

today critical levels to watch:

Support: 1.0900, 1.0650

Resistance: 1.1000, 1.1120

GBP/USD

GBP/USD makes a bearish correction below the previous day low but the pair do not reach 1.2000 – 1.2100 support area. At the current time, it has returned above the previous day low and might close near its opening level today. Traders will continue waiting for either touch on 1.2000 – 1.2100 area or 1.2625 – daily SMA 200.

Today Critical level to watch:

Support: 1.2200, 1.2100, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY was under pressure yesterday but managed to close above its opening level. The pair stage bullish rally today and has returned above daily SMA 200. If the bull could add more bullish momentum then traders will consider SMA 200 bounce scenario.

Today critical levels to watch:

Support: 108.00, 106.70

Resistance: 110.00, 111.00

AUD/USD

AUD/USD stuck near 0.6200 and reverse its direction today. The pair currently testing the previous day low. Will the pair start moving lower and target the 0.6000 support level? Alternatively, will it continue higher and target 0.6300 and 0.6500?

Today critical levels to watch:

Support: 0.6000, 0.5500

Resistance: 0.6200, 0.6300, 0.6500