USDX (USD Index)

No breakout above 100.00 handles yet, U.S dollar index continues made closes below the level. At the current time, there is a bullish attempt but again no breakout above the resistance level yet. In the long-term, we think the index will breakout above the resistance level. However, traders might want to wait until an actual breakout happens before placing any positions.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 20 – 24 April 2020

EUR/USD

EUR/USD rejected from the resistance 1.0900 yesterday and the pair currently attempting to move lower to target 1.0800. Similar to the previous analysis, the pair might trade between 1.0800 – 1.0900 for now and traders could apply ranging strategies.

today critical levels to watch:

Support: 1.0800, 1.0650

Resistance: 1.0900, 1.1000, 1.1120

GBP/USD

No bullish continuation in GBP/USD yet. On the other hand, GBP/USD starts moving lower and printed lower low below the previous week low. The pair might start a bearish movement and target 1.2000 – 1.2200. Traders will avoid taking long positions until the pair reach support level and form a bullish reaction.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY could not close above 108.00 and daily SMA 200. The pair currently move below the previous day low and might continue lower to target 106.70. No change to the outlook yet, the pair expected to trade between 106.70 – 108.00 for now.

Today critical levels to watch:

Support: 106.70

Resistance: 108.00, 109.00

AUD/USD

AUD/USD could not prin a higher high on the chart and slowly losing altitude. The pair currently testing the previous week low. If the pair move below the previous week low then traders could expect bearish continuation toward 0.6200 and 0.6000.

Today critical levels to watch:

Support: 0.6200, 0.6000

Resistance: 0.6300, 0.6500