USDX (USD Index)
U.S dollar index is unstoppable as it continues the climb toward 97.50. No bearish reaction yet which suggest trader stick to the long position. If there is a strong bearish reaction from the resistance level then traders could start looking for a short position in U.S dollar.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 1-5 April 2019
Technical Analysis
EUR/USD
No change to the EUR/USD outlook which is bearish. The pair print another fresh daily low and getting near to this year low. We might see fresh yearly low printed on the EUR/USD daily chart soon. On the downside, 1.1200 is the bearish target.
today critical levels to watch:
Support: 1.1200
Resistance: 1.1300, 1.1360, 1.1400
GBP/USD
Brexit chaos has not ended yet after UK PM reach no majority vote in Brexit options. Time is ticking and a decision must be reached soon by the UK. Otherwise, the country must leave Eurozone with no deal. GBP/USD continue directionless but at least it is supported by SMA 200 in the previous day. We might see not much movement at the current support level.
Today Critical level to watch:
Support: 1.3000, 1.2800
Resistance: 1.3125, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY comfortably move higher and reached daily SMA 200. The pair also reach trendline where a test will happen. At the current time, the pair has not shown any reaction. If the pair could climb above both resistances and close above it then USD/JPY expected to continue its bullish trend. On the other hand, a strong bearish reversal from current level will trigger selling in the pair.
Today critical levels to watch:
Support: 111.00, 110.50, 110.00
Resistance: 112.00
AUD/USD
AUD/USD slumped today with strong momentum but could not remove previous week floor yet. The pair bearish move has the potential to resume its bearish trend if it could close below previous week low. Traders might not want to short at the current level. It is better to wait AUD/USD corrected higher to 0.7160 before looking for short positions.
Today critical levels to watch:
Support: 0.7080, 0.7000
Resistance: 0.7160, 0.7200