USDX (USD Index)

The resistance 97.50 has not reached and U.S dollar index continues to move lower in the previous day. Fortunately, the bull enters the market and brought the index up before the closing of the trading day. We have a bullish pin bar pattern on the chart which means the bull still has the upper hand despite the weakness in the index. However, there is no upward follow through by the bull and the index start to weaken today.

Will the bull manage to reverse the bearish pressure and close above the previous day high? ECB rate decision and FOMC minutes of the meeting will come under focus today.

News to watch

07.45 AM ECB Main Refinancing Rate & Monetary Policy Statement

08.30 AM ECB Press Conference

U.S CPI m/m, forecast increase of 0.3%

U.S Core CPI m/m, forecast increase of 0.2%

02.00 PM FOMC Meeting Minutes

For full outlook for this week, you can follow Forex Outlook For The Week 8-12 April 2019

Technical Analysis

EUR/USD

Even though the bull keeps the pressure in the previous day and manages to print higher high on the chart, there is no higher close in the previous trading day. EUR/USD closed near its opening level and suggest possible weakness. However, the bull might no let the bear take control as the price attempt to move higher again today.

ECB rate-decision and FOMC minutes of meeting under focus today which suggest traders stay sideline.

today critical levels to watch:

Support: 1.1200

Resistance: 1.1300, 1.1360, 1.1400

GBP/USD

No breakout of the triangle pattern yet which mean the situation continue sideways for GBP/USD. We are getting near Brexit deadline, stay sideline for now until the new releases.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3125, 1.3250, 1.3300, 1.3330

USD/JPY

USD/JPY dropped below SMA 200 and continue moving down with strong momentum. It is a bearish confirmation and the pair should continue moving lower. However, if the bull could close the pair above SMA 200 by the end of the week then it is better to avoid short positions.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.14

AUD/USD

Nothing to expect yet in AUD/USD, the pair rejected from the trendline yesterday. But, we have the bull pushing the price toward 0.7160 today. The actual test seems will happen today and clue for the next direction will be given. The key to watch is where AUD/USD will close by the end of the day?

Another bearish rejection from the resistances might become an indication to enter short positions.

Today critical levels to watch:

Support: 0.7080, 0.7000

Resistance: 0.7160, 0.7200