USDX (USD Index)
U.S dollar index decided to test the 100.64 broken resistance level first, and it closed above the level Yesterday. The index might bounce today after the test of support, but traders must be ready for a further test too. If further test happens, it must quickly turn above 100.64.
News to watch
04.00 AM UK BOE Gov Carney Speaks
10.30 AM U.S Crude Oil Inventories, estimate decrease of 0.7 million barrels
09.30 PM Australia Employment Change consensus increase of 20.3k
Unemployment Rate consensus flat at 5.9%
Time not supplied, China Trade Balance, expected 76b surplus
For full outlook for this week, you can follow Forex Outlook For The Week 10 – 14 April 2017
Technical Analysis
EUR/USD
EUR/USD attempted a move higher from the trendline support, but the attempt received by selling from 1.0640. The pair is at an intersection and could either attempt for a bounce or break the trendline. Traders could observe price movement near the opening level near 1.0604, 10-20 pips move away from the level might trigger momentum movement.
Today critical level to watch:
Support: 1.0590, 1.0562, 1.0513
Resistance: 1.0640, 1.0710, 1.0800
GBP/USD
Higher inflation drive GBP/USD higher and form 3-days momentum candle which is bullish. The sharp drop below triangle pattern turn out a bear trap, if the price could move higher than 1.2550, it will continue sharply higher.
Today critical level to watch:
Support: 1.2388, 1.2333, 1.2300, 1.2230
Resistance: 1.2480, 1.2500, 1.2550, 1.2615
USD/JPY
Rejection from the top of channel followed through by the bear with a break below 110.50. It is a done deal for the pair, and it should continue lower toward the 109.00 support level. If the support level was broken, there is the bottom of the channel as a target around 108.00.
Today critical level to watch:
Support: 109.00, 108.00
Resistance: 110.00, 110.50, 111.00, 111.62, 112.00
AUD/USD
AUD/USD stick near the 0.7500 support level, the bull has not given up yet. The threat persist as the bear continue to put the pressure. Traders should continue to observe price closes at the support level, and the breakout could happen either this week or next week.
Today critical level to watch:
Support: 0.7500, 0.7450, 0.7421
Resistance: 0.7550, 0.7590, 0.7625, 0.7660