USDX (USD Index)

The bull is not giving up, but it has not enough bullish power to breakthrough above 100.30 resistance level. U.S dollar index closed inside 100.00 – 100.30 area and waiting for a further reaction from the resistance area. Traders might want to stay bullish for now as long as the index keep pressuring the resistance area.

News to watch

08.00 AM Fed Chair Powell Speaks

For full outlook for this week, you can follow Forex Outlook For The Week 11 – 15 May 2020

EUR/USD

EUR/USD bounced from the 1.0800 support level again and avoided bearish breakout below the level. No change yet to the movement range of the pair which span between 1.0800 – 1.1000. At the current time, 1.0900 is the resistance level to watch.

today critical levels to watch:

Support: 1.0800, 1.0650

Resistance: 1.0900, 1.1000

GBP/USD

GBP/USD extended its bearish movement and getting near the 1.2000 – 1.2200 area. It seems the pair will reach the level and test it. Traders could look for the chance to enter long positions when there is a bullish reaction. At the current time, it is better to wait until the pair reach the area.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY launched from below 106.70 and closed near the 108.00 resistance level. The pair has the chance to continue moving upward and reach the 108.00 also daily SMA 200. However, today the pair move lower and might retest 106.70 support level again.

If the pair close below 106.70 with strong bearish momentum then we will expect continuation toward 105.00.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00

AUD/USD

AUD/USD attempted to continue its bullish movement above 0.6500. However, the pair rejected from the level and closed lower yesterday. No bearish follow-through in the today trading session yet which mean there is chance for the pair to retest 0.6500 again.

As long as the pair not fall below 0.6379 then the bullish movement will continue.

Today critical levels to watch:

Support: 0.6500, 0.6300

Resistance: 0.6700