USDX (USD Index)
U.S dollar index building floor before the weekend. The index holding above 89.60 support level and might start an upward movement in the next week. There is no major news to watch today and traders might want to stay sideline as volatility slowly dies out.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 9 – 13 Apr 2018
Technical Analysis
EUR/USD
There is no clue yet for EUR/USD next movement. The pair holding out above 1.2300 but there is no strong progress upside. This week, EUR/USD might close near 1.2300 and setup for next week. Depend on U.S dollar index action, and the pair could become under pressure next week if the index bounced from support level.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
The bull is charging upside without a stop in GBP/USD, the momentum is strong and will reach 1.4325 soon. It is not a good level to look for a long position, but it might turn into the best level to look for a short position. Traders could wait until next week and jump in short position when there is a bearish pattern formed near the 1.4325.
Today critical level to watch:
Support: 1.4200, 1.4140, 1.4000
Resistance: 1.4325
USD/JPY
The waited breakthrough happen in USD/JPY daily chart. The pair surpassed 107.40 resistance level and continued further upside today. There is nothing to stop the bull yet and traders who hold long position could ride the upward movement. Traders who do not have a position could look for long when USD/JPY retest 107.40.
Today critical level to watch:
Support: 107.40, 107.00
Resistance:
AUD/USD
AUD/USD continue higher today and finally reach the daily SMA 200. It is a crucial moment for the bull and the bear. The bull needs a close above the SMA 200 to continue the upward journey. Meanwhile, the bear needs a strong reversal pattern to resume overall bearish trend since January 2018. Short position favored under current situation with a stop above the SMA 200.
Today critical level to watch:
Support: 0.7750, 0.7690, 0.7640
Resistance: 0.7800