Forex Technical Major Pairs Analysis | April 03, 2024

USDX (USD Index)

The U.S. dollar index was unable to maintain its gains and experienced significant bearish pressure today. The index fell sharply towards the trendline and also the daily SMA 200 point. If this decline can continue until the weekly close and we find the index closed below the daily SMA 200 then the situation could turn bearish in the medium term. Traders will observe the reaction of the index near the trendline and daily SMA 200 for now. If a bullish bounce occurs and a higher swing high point is formed then the index still has the opportunity to continue rising.

EUR/USD

EUR/USD moved back up above 1.0800 and also reached the daily SMA 200 today. The pair will try to continue its strengthening through the daily SMA 200 point and close above it. When there is a close above the daily SMA 200 then there is a chance of further increases. In the latest bearish attempt, a lower swing low point was not formed so the situation is still favorable for bull traders.

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 only briefly fell below the daily SMA 200 point and immediately experienced a significant increase. The pair is again in the range of 1.2625 – 1.2800 so bullish consolidation will occur. Traders will continue to use the area between 1.2625 and the daily SMA 200 to accumulate long positions. As long as a lower swing low point is not formed, the situation of the pair is still bullish in the medium-long term.

Today’s critical levels to watch:

Support: 1.2625, 1.2200, 1.2100, 1.2000

Resistance: 1.2800, 1.3000

USD/JPY

USD/JPY continues its sideway movement near the high point and there is no further development. As previously written, if the pair experiences selling pressure and forms a lower swing low point then the trend may turn bearish. The key to continuing the short-term bearish movement now seems to be a close below the daily SMA 200 point.

Today’s critical levels to watch:

Support: 147.00, 145.00, 142.00, 141.00

Resistance: 150.00

AUD/USD

AUD/USD soared above the daily SMA 200 point and immediately exceeded last week’s high. This situation is quite bullish and has a chance to continue. In the latest bearish attempt below 0.6500, the pair did not form a lower swing low point so the bullish situation could be maintained. If the pair can continue strengthening and form a higher swing high point then the bullish movement can continue.

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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