USDX (USD Index)

U.S dollar index back under pressure after the U.S unemployment claims increased more than projected. Today, the index falls below 100 handles and is testing 99.40 support level. As long as there is no major bearish close below 99.40, the index expected to maintain its bullish trend.

News to watch

07.30 AM U.S CPI m/m, forecast -0.3%

Core CPI m/m, forecast 0.1%

For full outlook for this week, you can follow Forex Outlook For The Week 6 – 10 April 2020

EUR/USD

Another bullish close happened in EUR/USD, the pair managed to close above 1.0900. If the bull could continue to maintain the bullish pressure then traders will expect the pair to reach 1.1000 resistance level and the daily SMA 200.

today critical levels to watch:

Support: 1.0900, 1.0800, 1.0650

Resistance: 1.1000, 1.1120

GBP/USD

GBP/USD extends its bullish close yesterday and currently testing the previous week high. We think the pair will settle near the high and continue higher in the coming week. On the upside, 1.2800 and the daily SMA 200 is the upside target.

Today Critical level to watch:

Support: 1.2200, 1.2100, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

Similar to the previous day analysis, nothing to expect yet in USD/JPY. The pair stuck near the SMA 200 and waiting for the trigger for the next movement. Long positions could be considered with a stop level below 108.00 or 106.70.

Today critical levels to watch:

Support: 108.00, 106.70

Resistance: 109.00, 110.00, 111.00

AUD/USD

AUD/USD on the path higher to target 0.6500 resistance. Traders will wait until the pair reaches the resistance level and enter short positions when there is a major bearish pattern formed. At the current time, it is better to stay sideline or hold the long positions taken with a stop near the break-even point.

Today critical levels to watch:

Support: 0.6300, 0.6200, 0.6000

Resistance: 0.6500