USDX (USD Index)
Bullish bounce from the bottom of red trendline Yesterday after the index formed small bullish pin bar. The index moves higher than previous day high and might continue upside until tomorrow rate announcement. 101.70 might limit upside movement in the index, while 101.39 will act as support.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 6 – 10 March 2017
Technical Analysis
EUR/USD
A Recent trend in EUR/USD is bullish, but the price slipped below 1.0640 horizontal support and kept rejecting the pair upward attempt. Previously, the pair completed breakout of falling wedge pattern and reached target at 1.0710. The completion of pattern might sign an end of bullish trend and traders could look for short position near 1.0640.
Today critical level to watch:
Support: 1.0640, 1.0590, 1.0562, 1.0513, 1.0500
Resistance: 1.0710, 1.0800, 1.0825
GBP/USD
The outlook for the UK gets cloudier each day as Scotland rolled out possible independence referendum and soon joined by Ireland. Pound sharply lower today against U.S dollar and might continue its path downside. Fortunately 1.2100 – 1.2130 support area still intact and protecting from vicious bear attack.
Traders might need to avoid placing long position until The Fed interest rate announcement as the trend favor breakdown below 1.2100.
Today critical level to watch:
Support: 1.2130, 1.2100, 1.2000
Resistance: 1.2200, 1.2213, 1.2230, 1.2300
USD/JPY
Slow movement in USD/JPY pair and no touch on 115.90 resistance yet. The pair might make another attempt at the 115.90 resistance or surpass it in one go. Traders still need to wait for the formation of a pattern before taking any position.
Today critical level to watch:
Support: 114.00, 112.87, 112.56, 112.00, 111.62
Resistance: 115.90, 117.52
AUD/USD
The range formed in AUD/USD between 0.7550 – 0.7590 before tomorrow news. Until news release tomorrow, traders might see AUD/USD bouncing inside the range.
Today critical level to watch:
Support: 0.7550, 0.7523, 0.7500
Resistance: 0.7590, 0.7625, 0.7660