Forex Technical Major Pairs analysis April 17, 2019

USDX (USD Index)

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U.S dollar index closed lower in the previous trading day but it turned lower today under pressure. The index traded lower below previous day low earlier but managed to recover part of its losses. If the bearish pressure gain strength then it is possible for the index to continue lower and test 96.70 support. However, at the current time, the index continues adding more gain and might be able to close the day near its opening level.

News to watch

09.00 AM BOE Gov Carney Speaks

For full outlook for this week, you can follow Forex Outlook For The Week 15-19 April 2019

Technical Analysis

EUR/USD

EUR/USD rejection from the 1.1300 and the top of channel resistance brought the pair down. But, today the pair climb and retest the resistance levels. There is no conclusion yet on the pair next movement. Will EUR/USD manage to break out above the top of the channel or will it rejected again from both resistances?

today critical levels to watch:

Support: 1.1200

Resistance: 1.1300, 1.1360, 1.1400

GBP/USD

No breakout yet in GBP/USD, the pair still trapped inside the triangle consolidation. Today, there is bearish pressure which put the pair to test the bottom of the triangle. We will continue to wait until breakout happens before placing positions.

Today Critical level to watch:

Support: 1.3000, 1.2800

Resistance: 1.3125, 1.3250, 1.3300, 1.3330

USD/JPY

USD/JPY traded higher above 112.00 but immediately losing momentum and currently back to its opening level. The pair might need a longer time to create breakout above the resistance level. But, the longer it takes to make a breakout the higher possibility the pair reversed and start moving lower.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.14, 112.50

AUD/USD

AUD/USD gaining upward momentum today and launch toward the daily SMA 200. The pair are looking for a breakout above the averages and it might happen today. We will watch where the pair close at the end of the day. A breakout above SMA 200 and bullish continuation will turn the medium-term trend to bullish.

Today critical levels to watch:

Support: 0.7160, 0.7080, 0.7000

Resistance: 0.7200

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