USDX (USD Index)

U.S dollar index weakness pushed the index to close below 99.40 support level. The index might continue its weakness and target the daily SMA 200 also 98.40. However, there is bullish pressure today and the index will test 99.40 level. Traders will observe where the index close by the end of the day.

News to watch

07.30 AM U.S Core Retail Sales m/m, forecast -4.9%

Retail Sales m/m, forecast -8.0%

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

EUR/USD

EUR/USD extends its bullish movement and jumped from the 1.0900 support level. The pair closed near 1.1000 resistance and set to reach it. On the upside, there is daily SMA 200 to watch. Today, the pair slightly lower but might be able to close the day inside the previous day range.

today critical levels to watch:

Support: 1.0900, 1.0800, 1.0650

Resistance: 1.1000, 1.1120

GBP/USD

GBP/USD closed at 1.2625 resistance level and set to extend its bullish movement toward daily SMA 200. Today, there is a bearish reaction from the 1.2625 resistance. As long as there is no major close below the previous day low, GBP/USD will continue its upward movement.

Today Critical level to watch:

Support: 1.2500, 1.2200

Resistance: 1.2625

USD/JPY

USD/JPY drop further lower below daily SMA 200 and almost reach 106.70. We think the pair will reach the 106.70 support level and produce a bullish reaction. Traders who want to look for long positions could do it near previous swing low and the 106.70 support level.

Today critical levels to watch:

Support: 106.70

Resistance: 108.00, 109.00

AUD/USD

We have a major bearish reaction after seven days of bullish closes. AUD/USD falls below the previous day low and currently testing three days low. If the pair could continue its bearish pressure then the nearest major support level is the horizontal support around 0.6200.

Today critical levels to watch:

Support: 0.6300, 0.6200, 0.6000

Resistance: 0.6500