USDX (USD Index)

The index avoided bearish close below 99.40 support level but it is currently under pressure. If a close below 99.40 happens then traders will expect the index to resume its weakness toward the daily SMA 200 and 98.40. At the current time, the bearish scenario has not confirmed yet and the index might return above 99.40 before the end of the day.

Traders will observe the index close by the end of the day.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 13 – 17 April 2020

EUR/USD

EUR/USD pushed lower yesterday but maintained the close above 1.0900. The pair range currently spans between 1.09000 – 1.1000. We think the pair might continue its upward movement to test 1.10000 and the daily SMA 200.

today critical levels to watch:

Support: 1.0900, 1.0800, 1.0650

Resistance: 1.1000, 1.1120

GBP/USD

GBP/USD on the path higher and soon will reach 1.2625 and the daily SMA 200. Similar to the previous analysis, let the pair continue its bullish movement until it printed a major bearish pattern near the resistances level.

Today Critical level to watch:

Support: 1.2500, 1.2200

Resistance: 1.2625

USD/JPY

USD/JPY lost bullish pressure and closed below SMA 200 also the 108.00 support level. The pair might continue its weakness and target the 106.70 support level. Short positions could be taken when there is a retest on the 108.00 level.

Today critical levels to watch:

Support: 106.70

Resistance: 108.00, 109.00

AUD/USD

AUD/USD extends it’s bullish close further and on the path toward 0.6500. No change to the outlook yet, the pair is in a bullish correction. However, the pair might not reach the resistance level and reversed its direction. Today, the pair printed a higher high but might close the day on the bearish side.

Similar to the previous analysis, traders who have long positions could continue to hold the positions.

Today critical levels to watch:

Support: 0.6300, 0.6200, 0.6000

Resistance: 0.6500