USDX (USD Index)

The bull in the U.S dollar index proven its resilience as the index return above 100.00. At the current time, the index is testing the 100.30 level. A close above 100.30 will help the index to continue its upward movement in the coming week.

On the other hand, if a close below 100.00 happen the index might start moving lower again.

News to watch

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

EUR/USD

The bear might have an upper hand in EUR/USD but it still needs to break and close below 1.0800 to confirm the bearish trend. At the current time, traders will observe the pair reaction near 1.0800. The triangle pattern looks broken for now which might add more bearish pressure.

today critical levels to watch:

Support: 1.0800, 1.0650

Resistance: 1.0900, 1.1000, 1.1120

GBP/USD

GBP/USD rejection from the 1.2625 resistance lead the pair to close lower for the second day. Today, there is more bearish pressure but no lower low printed yet. We might see the pair fall further lower and target 1.2000 – 1.2100 area.

However, if the pair reverse its direction and move upward then traders will observe the 1.2625 and daily SMA 200.

Today Critical level to watch:

Support: 1.2200

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY returned to 108.00 but no bullish attempt above the resistance yet. If the pair continues its upward movement then there is daily SMA 200 to watch. At the current time, the pair range span between the 106.70 and 108.00.

Today critical levels to watch:

Support: 106.70

Resistance: 108.00, 109.00

AUD/USD

The bearish attempt immediately reversed yesterday, AUD/USD closed the day on the positive side. Today, there is bullish follow-through by the bull but it slowly lost bullish momentum. Will the pair continue its upward correction and reach the 0.6500 targets?

Today critical levels to watch:

Support: 0.6300, 0.6200, 0.6000

Resistance: 0.6500