Forex Technical Major Pairs Analysis | April 02, 2024

USDX (USD Index)

The increase in the U.S. dollar index brought various instruments against it to experience a decline in last week’s trading. Currently, the index is close to the previous swing high point and traders are waiting for further reaction. If an upward breakout occurs above this point then the current bullish trend has the opportunity to continue. Conversely, if there is a decline then there is the possibility of consolidation near the daily SMA 200 or the possibility of continuation of the bearish movement below it.

EUR/USD

EUR/USD fell below 1.0800 and is likely to continue weakening towards 1.0650. The pair is in a bearish situation but no lower swing low point has yet been formed so there is still the possibility of a reversal. If the pair can reverse the bearish pressure and rise above the daily SMA 200 then there is a chance for a trend change. In the meantime, traders should wait for further developments.

Today’s critical levels to watch:

Support: 1.0800, 1.0650, 1.0500

Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD reached the daily SMA 200 point and closed below it. The bearish pressure that was forming was quite strong, but fortunately there was no further weakening in today’s trading. The pair looks to be trying to climb back above the daily SMA 200 and bounce off it. If the pair can continue with strong bullish pressure and closes above 1.2625 then there is a chance for a bullish reversal.

Today’s critical levels to watch:

Support: 1.2625, 1.2200, 1.2100, 1.2000

Resistance: 1.2800, 1.3000

USD/JPY

USD/JPY is still continuing its sideway movement for now where a higher swing high point has not yet been formed. Will USD/JPY be able to continue its rise and form a higher swing high? Or will the pair reverse direction again and fall below the daily SMA 200 point to start a bearish trend?

Today’s critical levels to watch:

Support: 147.00, 145.00, 142.00, 141.00

Resistance: 150.00

AUD/USD

AUD/USD closed below 0.6500 yesterday but fortunately there was no further weakening in today’s trading. The pair is currently seen moving up and erasing all the decline that occurred yesterday. Consolidation seems to be taking place and the pair will try to move up above the daily SMA 200 point. When there is a close above the daily SMA 200 then the direction of movement can return to bullish.

Today’s critical levels to watch:

Support: 0.6500, 0.6350, 0.6170, 0.6000

Resistance: 0.6700, 0.6750, 0.6820, 0.7000

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