USDX (USD Index)

Not much change in the U.S dollar index projection. The index traded higher in the previous trading day and might trigger further buying. However, it comes under pressure at the current time and moves lower near the previous day opening level. If the bearish pressure continues and the index fall below previous day low then we could expect the index to hit 96.70.

News to watch

Tentative – China Trade Balance, forecast surplus of 2 billion.

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

Technical Analysis

EUR/USD

EUR/USD traded lower in the previous day but it stays inside the Wednesday range. Today, the bull push the pair higher and surpass previous day high. It is on track to test the 1.1300 resistance level. If the pair formed a strong bearish pattern at the resistance area 1.1300 – 1.1360 then traders could enter short positions.

today critical levels to watch:

Support: 1.1200

Resistance: 1.1300, 1.1360, 1.1400

GBP/USD

Not much change in the GBP/USD trend which stuck inside the triangle pattern. Traders and investors are in “wait and see” mode even though the UK get an extension on the Brexit. We will continue to wait until breakout happen.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3125, 1.3250, 1.3300, 1.3330

USD/JPY

USD/JPY unexpectedly jump from support 111.00 and close above daily SMA 200. The pair back on the bullish track and ready to challenge 112.00 resistance. At the current time, traders could look for long positions near SMA 200.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.14

AUD/USD

A bearish rejection happened in the previous trading day and AUD/USD close near Wednesday opening level. If the bear could continue put pressure and push the price below Wednesday low then we might see the pair resume its bearish trend.

Today critical levels to watch:

Support: 0.7080, 0.7000

Resistance: 0.7160, 0.7200