Forex Technical Major Pairs Analysis | April 20, 2021

USDX (USD Index)

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U.S dollar index reached the blue box area which is the bearish target. The index shows an initial bullish reaction today and might start a bullish leg toward 92.00 and daily SMA 200. However, it is too early for traders to assume that the index will start moving bullishly.

The index needs to print a more bullish close to confirming the bounce. On the other hand, a close below the blue box area will trigger a bearish continuation.

EUR/USD

EUR/USD extended its bullish movement and reach the 1.2070 resistance level. There is a bearish reaction from the resistance level and might produce a bearish pin bar pattern. If the pair moves lower then 1.2000 is the support level to watch for a possible bounce.

Today critical levels to watch:

Support: 1.1820, 1.1710

Resistance: 1.2000, 1.2070

GBP/USD

GBP/USD launched upward from 1.3835 and closed the day near 1.4000. The pair currently testing the 1.4000 resistance level. We think the bullish trend will continue and GBP/USD will break out soon after small consolidation near 1.4000. On the upside, 1.4325 is the bullish target.

Today Critical level to watch:

Support: 1.3835, 1.3600

Resistance: 1.4000, 1.4325

USD/JPY

USD/JPY closed lower with moderate bearish momentum yesterday. The pair has reached the 108.00 and attempting to bounce from it today. However, the bounce seems losing momentum, and currently, the pair is trading near its opening level. Traders will need more bullish confirmation before could entering long positions. It is better to continue to observe the pair reaction near 108.00 for now.

Today critical levels to watch:

Support: 108.00, 106.70

Resistance: 109.00, 110.00, 111.00

AUD/USD

AUD/USD touched the 0.7800 resistance level and produced a bearish reaction. We might have a bearish pin bar pattern close today. Despite the situation, we think the pair could extend its bullish movement and breakout to target 0.8000 resistance level. As long as the pattern is not confirmed to the downside, there is a chance for further bullish continuation.

Today critical levels to watch:,

Support: 0.7750, 0.7700, 0.7640, 0.7550, 0.7500

Resistance: 0.7800, 0.8000

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