Forex Technical Major Pairs Analysis | April 08, 2021

USDX (USD Index)

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U.S dollar index pushed lower even though the index made a bullish close yesterday. The index currently testing the 92.00 support level. Fortunately, there is no bearish breakout below the 92.00 support level. If the index could maintain the level inside 92.00 – 93.00 by the end of the week then there is a chance for a bullish bounce.

EUR/USD

EUR/USD climbed above daily SMA 200 today and crossed above the previous day’s high. The pair might have returned to its bullish track and set to target 1.2000 next. However, the pair need to maintain the positions above the daily SMA 200 until the end of the week to confirm the current bullish breakout.

Today critical levels to watch:

Support: 1.1820, 1.1710

Resistance: 1.2000, 1.2070

GBP/USD

GBP/USD was rejected from the 1.3835 resistance level and extended it’s bearish close yesterday. The pair show no bearish follow-through today. It continues trading inside the previous day range. Traders will wait near the 1.3600 to enter long positions if the pair continues its bearish movement.

Today Critical level to watch:

Support: 1.3600

Resistance: 1.3835, 1.4000, 1.4325

USD/JPY

USD/JPY extended its bearish movement toward the 109.00 support level. The pair bearish movement has moderate momentum which might lead the pair further lower to target 108.00 and 106.70. At the current time, traders will wait for a bullish reaction from 109.00 and enter long positions near it.

Today critical levels to watch:

Support: 109.00, 108.00, 106.70

Resistance: 110.00, 111.00

AUD/USD

There is no bullish follow-through in AUD/USD yesterday. The pair closed lower, back below 0.7640. It seems the pair will continue trading near the 0.7640 level for now while waiting for a trigger to move.

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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