USDX (USD Index)

The direction of the U.S dollar index slowly pointed to the bearish side. Yesterday, the index tested the 99.40 support level and produce a minimum bullish reaction. Today, the bear is pressing the index to the downside. If breakout below 99.40 happens then we will expect the index to target daily SMA 200 and the bottom of the green box.

News to watch

FOMC minutes of meeting

For full outlook for this week, you can follow Forex Outlook For The Week 18 – 22 May 2020

EUR/USD

The pair closed above 1.0900 and extended its upward movement toward the level near 1.1000. At the end of the day, EUR/USD closed near its opening level. Today, there is further bullish pressure. If the bull could maintain the bullish pressure then we will expect the pair to test 1.1000 and the daily SMA 200.

today critical levels to watch:

Support: 1.0900, 1.0800, 1.0650

Resistance: 1.1000

GBP/USD

GBP/USD mostly higher above 1.2200 after the test on 1.2000 – 1.2200 area. The pair expected to start a new bullish leg and target 1.2625 also daily SMA 200. At the current time, traders will observe the pair daily closes to determine if the pair could lift the price further higher.

Today Critical level to watch:

Support: 1.2200, 1.2100, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY tested the 108.00 resistance level yesterday. No breakout above the resistance level yet. Today, the pair make another bullish attempt but rejected from the resistance. At the current time, USD/JPY trading near its opening level. Will the pair breakout above 108.00 and the daily SMA 200?

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00

AUD/USD

AUD/USD on the path higher to target 0.6700 and the daily SMA 200. At the current time, the pair is pressuring to the upside and soon will reach both resistances level. Traders who want to enter long positions could consider entering near 0.6500 level.

Today critical levels to watch:

Support: 0.6500, 0.6300

Resistance: 0.6700