USDX (USD Index)
U.S dollar index hovers lower before FOMC minutes of meeting release today. The downward movement also attributed to traders decision to stay sideline before Thursday ECB monetary policy meeting accounts. The bearish move might continue until the index reached the bottom of the blue box.
News to watch
08.30 AM U.S CPI, forecast reading of 0.0% MoM, Core CPI increase of 0.2% MoM.
10.30 AM U.S Crude Oil Inventories, estimate a deficit of 0.6 million barrels.
02.00 PM FOMC Meeting Minutes
08.30 PM BOJ Gov Kuroda Speaks
For full outlook for this week, you can follow Forex Outlook For The Week 9 – 13 Apr 2018
Technical Analysis
EUR/USD
EUR/USD bounced from the bottom of the blue channel in the previous week, and there is no stop to the bullish movement yet. Today the market will observe the release of FOMC meeting minutes. The release of minutes of the meeting might no give much impact to the pair movement. Tomorrow, there is ECB monetary policy meeting accounts which should put much influence to EUR/USD.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
Similar to EUR/USD, the pair is riding the path upward, and there is nothing to stop it yet. There is the speech by BOE governor Mark Carney tomorrow which might influence GBP/USD movement. Traders might want to stay sideline for now.
Today critical level to watch:
Support: 1.4140, 1.4000, 1.3850, 1.3835, 1.3800
Resistance: 1.4200, 1.4325
USD/JPY
USD/JPY continue limited below 107.40 resistance and unable to break it. There is no major sell-off from the resistance thought which suggests the situation is under stalemate condition. Traders will continue observing the pair movement near the resistance.
Today critical level to watch:
Support: 107.00, 106.10, 105.50
Resistance: 107.40
AUD/USD
AUD/USD bounced from the bottom trendline and inched higher above 0.7750 resistance level. The bounce looks bullish, but the bull needs more confirmation before the pair could move further upside. At the current time, we think AUD/USD has the chance to continue its upward movement and reach the daily SMA 200 before turning down.
Today critical level to watch:
Support: 0.7750, 0.7690, 0.7640
Resistance: 0.7800