USDX (USD Index)
The bearish movement of U.S dollar index print fourth bearish candlestick on the daily chart. The downward sentiment looks will continue. Fortunately, the bull return and push the index upward today, though it stays inside previous day range. Traders will watch the index reaction at 89.60, a strong bullish candlestick formation at the level might turn the trend to bullish.
There is release of ECB Monetary Policy Meeting Accounts and BOE Governor Carney speech today which traders need to watch.
News to watch
07.30 AM ECB Monetary Policy Meeting Accounts
03.00 PM BOE Gov Carney 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 closed bullish, but relinquish most of the gain from the early session of Wednesday. The pair is waiting for the release of ECB Monetary Policy Meeting Accounts today. A hawkish note will help EUR/USD continue inside its bullish channel and reach the top of the channel.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
GBP/USD produce an exhaustion pattern in the previous day market close. The pattern might be a sign the upward movement soon will reach an end. Although it is a bearish pattern, there is no confirmation yet, and traders need to wait for a bearish close below the candlestick low.
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 current outlook is sideways between 106.70 – 107.40. The pair expected to continue moving inside the range with a bullish bias. Traders might want to enter long position only near 106.70 with a tight stop below it.
Today critical level to watch:
Support: 107.00, 106.70, 106.10, 105.50
Resistance: 107.40
AUD/USD
AUD/USD closed near 0.7750 handles and survived the selling. The pair has an opportunity to continue further upside as long as it stays above the 0.7750 support. We expect AUD/USD will trade between 0.7750 – 0.7800 until the end of the week.
Today critical level to watch:
Support: 0.7750, 0.7690, 0.7640
Resistance: 0.7800