Forex Technical Major Pairs Analysis | April 07, 2021

USDX (USD Index)

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The close below daily SMA 200 happened yesterday which might confirm the index continuation of the bearish trend. Traders need to push the index down and close below 92.00 to confirm further weakness. If the index could return above daily SMA 200 and 93.00 then traders might want to exit short positions in the U.S dollar.

EUR/USD

EUR/USD bullish correction crossed above 1.1820 and closed near the daily SMA 200. At the current time, the bullish correction has been completed and traders will wait for a reaction from the daily SMA 200. If the pair get rejected and formed a major bearish pattern then we might see a bearish continuation. On the other hand, if a close above daily SMA 200 happens then the trend could become more bullish.

Today critical levels to watch:

Support: 1.1820, 1.1710

Resistance: 1.2000, 1.2070

GBP/USD

GBP/USD could not maintain its close above 1.3835 as the pair formed a bearish close yesterday. The move nullified Monday gain and currently, the pair has moved below the previous day’s low. If the pair continues to add bearish pressure then traders will prepare for bearish continuation toward 1.3600.

Today Critical level to watch:

Support: 1.3835, 1.3600

Resistance: 1.4000, 1.4325

USD/JPY

USD/JPY bearish correction closed below 110.00 and opened the way toward 109.00 support level. Traders will continue to monitor the current bearish correction and prepare long positions near the support levels. It is better to enter only when the bearish pressure has receded.

Today critical levels to watch:

Support: 109.00, 108.00, 106.70

Resistance: 110.00, 111.00

AUD/USD

AUD/USD building more bullish pressure and close above 0.7640. The pair might be able to continue its bullish movement and target the 0.7750 resistance level. We think the pair will continue its bullish trend and another bearish movement toward 0.7500 – 0.7550 is unlikely. However, traders might want to place a stop order below 0.7500 to anticipate sudden bearish movement.

Today critical levels to watch:,

Support: 0.7550, 0.7500

Resistance: 0.7640, 0.7700, 0.7750, 0.7800, 0.8000

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