Forex Technical Major Pairs analysis April 17, 2018

USDX (USD Index)

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U.S dollar index is moving lower on the previous day, and the index is testing its support trendline. There is initial bounce indication today. If the bull could continue to push the index higher, then U.S dollar index might start a new bullish leg toward the top of the blue channel.

News to watch

08.30 AM U.S Building Permits, estimate 1.33 million annualized permits issued.

For full outlook for this week, you can follow Forex Outlook For The Week 16 – 20 Apr 2018

Technical Analysis

EUR/USD

The pair bullish trend stays intact after the bounce from 1.2300 support level. However, the bull needs to push the pair higher continually and reach 1.2500. Otherwise, the bear could return and bring EUR/USD down anytime and test 1.2300 again. A breakout below 1.2300 will turn the trend bearish.

Today critical level to watch:

Support: 1.2300, 1.2200, 1.2100

Resistance: 1.2500

GBP/USD

GBP/USD reached 1.4325 and printed new 2018 high today. There is a bearish reaction, but the bull still has the opportunity to break above the resistance as long as the bearish reaction contained. Traders will observe the price close by the end of the day and watch tomorrow follow through by either the bull or the bear.

If a breakout happens, the pair should continue higher with strong momentum. On the other hand, 2-3 consecutive bearish close might reverse the trend and lead GBP/USD to trade between 1.4000 -1.4325.

Today critical level to watch:

Support:  1.4200, 1.4140, 1.4000

Resistance: 1.4325

USD/JPY

USD/JPY traded at the tipping point and no breakout happen yet. The pair might have moved above 117.40, but there was no close above the resistance yet. Currently, the pair is testing the 107.00 support. The bounce from this level will lead the pair trade between 107.00 – 107.40 while waiting for a breakout.

Today critical level to watch:

Support: 107.00, 106.70

Resistance: 107.40

AUD/USD

There was a bearish reaction from AUD/USD daily SMA 200 which brought the pair down. The downward pressure diminished each day and the bull attempt to push AUD/USD higher. There is no indication for next trend yet, and traders might want to continue observing the pair reaction near SMA 200.

Today critical level to watch:

Support: 0.7750, 0.7690, 0.7640

Resistance: 0.7800

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