USDX (USD Index)
In the previous day, the index continues to weaken but the downward movement contained inside Friday range. The index starts moving up today and has surpassed the previous day high. If the index could maintain bullish pressure then we might see it launch toward 97.50 resistance. The overall trend expected to continue inside 96.70 – 97.50 range until breakout happens.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 15-19 April 2019
Technical Analysis
EUR/USD
No significant breakout above 1.1300 and the bearish trendline yet. EUR/USD still trapped below the bearish channel and the pair slightly lower though off the daily low. We might see EUR/USD stick near the top of the channel and 1.1300 resistance while it waits for the market reactions.
today critical levels to watch:
Support: 1.1200
Resistance: 1.1300, 1.1360, 1.1400
GBP/USD
We will continue waiting for a breakout of the triangle range on GBP/USD daily chart. At the current time, applying ranging strategy might be the best option to take. However, the pair is getting near the end of triangle consolidation and traders need to prepare for the possibility of a major breakout.
Today Critical level to watch:
Support: 1.3000, 1.2800
Resistance: 1.3125, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY closed near 112.00 for the second day and showing no breakout above the resistance level yet. Today, there is a little bearish reaction and the pair hovering near the resistance the entire time. If bearish correction happens then traders could look for long positions near SMA 200 and the trendline.
Today critical levels to watch:
Support: 111.00, 110.50, 110.00
Resistance: 112.00, 112.14, 112.50
AUD/USD
AUD/USD might be the hardest to trade for now as the pair consolidate between 0.7160 and the daily SMA 200. There is bearish attempt today to bring the pair below 0.7160 but the bearish pressure does not hold for a long time and currently the pair traded at its opening level.
It is better to continue stay sideline for now and wait for a breakout from SMA 200 and 0.7160.
Today critical levels to watch:
Support: 0.7160, 0.7080, 0.7000
Resistance: 0.7200