Forex Technical Major Pairs analysis April 19, 2019

USDX (USD Index)

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U.S dollar index jumped in the previous trading session and closed near 97.50 resistance. It is a strong bullish close and might extend into a breakout soon. Today, the U.S market and European mostly closed on Good Friday. We might not see a breakout today and the index also slightly lower.

Although it is bullish, the index still traded inside 96.70 – 97.50 and might continue inside it next week without a breakout.

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

A major bearish reversal happened yesterday and EUR/USD dived from 1.1300 resistance. It is a rejection from the top of the channel and 1.1300 resistance which is a strong confirmation. Today, there might not be bearish follow-up by the bear and EUR/USD might close near its opening level.

Will EUR/USD stage rally and cancel the bearish rejection?

today critical levels to watch:

Support: 1.1200

Resistance: 1.1300, 1.1360, 1.1400

GBP/USD

Breakout finally happened in GBP/USD yesterday. The pair breakout lowers below the triangle and closed the day below 1.3000. Currently, the pair is testing the broken 1.3000. If the bear could close the pair below 1.3000 or better with bearish pattern then we will see continuation lower.

On the other hand, a close above 1.3000 could cancel current breakout.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3125, 1.3250

USD/JPY

USD/JPY made another neutral close near 112.00 and show lack of direction. Not much movement yet today and the pair expected to continue stick near 112.00. We might expect breakout higher in the coming week if USD/JPY continue to stay near 112.00.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.14, 112.50

AUD/USD

AUD/USD still hard to guess, there is rejection from daily SMA 200 yesterday and the pair closed lower below 0.7160. Not much to expect, the pair might close the day near 0.7160 and provide us with no clue in the next direction.

Today critical levels to watch:

Support: 0.7160, 0.7080, 0.7000

Resistance: 0.7200

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