Forex Technical Major Pairs analysis April 22, 2019

USDX (USD Index)

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Forex Technical Major Pairs analysis April 22, 2019

The upward movement of the U.S dollar index has reached the resistance 97.50 and provide us with initial rejection. However, it is not a strong rejection and the index might continue moving upward this week. Traders will wait for a further clue on the next direction base on this week reaction at the resistance.

Most markets will be closed for a holiday on Monday which suggests little movement in the index.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 22-26 April 2019

Technical Analysis

EUR/USD

Forex Technical Major Pairs analysis April 22, 2019

EUR/USD rejected from the top of the bearish channel also from the resistance 1.1300. The pair manage to recover a small part of the losses at the end of the week. This week, it is possible for the pair to move up and retest the top of the channel. We expect the pair to make consolidation while U.S-China solving the trade differences at the end of the month.

today critical levels to watch:

Support: 1.1200

Resistance: 1.1300, 1.1360, 1.1400

GBP/USD

Forex Technical Major Pairs analysis April 22, 2019

The bearish breakout happened in GBP/USD and the pair also closed below 1.3000 support. It is a strong bearish clue and this week the pair should make further lower close to confirm the continuation. Otherwise, an upward movement above the trendline and SMA 200 will cancel current bearish breakout.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3125, 1.3250

USD/JPY

Forex Technical Major Pairs analysis April 22, 2019

USD/JPY stuck near 112.00 without making any breakout above it. The pair still trapped between SMA 200 and 112.00. We expect the consolidation will continue between both levels while waiting for a bullish breakout. Traders could look for a long position near SMA 200 when a bearish correction happen.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.14, 112.50

AUD/USD

Forex Technical Major Pairs analysis April 22, 2019

A rejection from daily SMA 200 and a bearish close below 0.7160 might be convincing for traders to enter short positions. It is right to enter short positions but traders must put stop order above the SMA 200 in anticipation of a sudden bullish breakout.

If AUD/USD could close below previous week low then it will have a smooth road moving downside.

Today critical levels to watch:

Support: 0.7080, 0.7000

Resistance: 0.7160, 0.7200

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