Forex Technical Major Pairs analysis April 23, 2019

USDX (USD Index)

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U.S dollar index sticks near the resistance 97.50 through lower for two days. Today, the index making upward movement and might attempt to challenge 97.50 again. Will a breakout happen today? Alternatively, will the index rejected and continue its ranging movement between 96.70 – 97.50?

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

Technical Analysis

EUR/USD

EUR/USD recovered ground for the second days, though it is still far from Thursday opening level. The pair slightly lower today but traded inside previous day range. If the bear pushes the price lower and manages to get a lower close below the previous day low then we could expect EUR/USD to continue its bearish trend. On the other hand, a return near previous Thursday opening level could trigger buying in the pair.

today critical levels to watch:

Support: 1.1200

Resistance: 1.1300, 1.1360, 1.1400

GBP/USD

Bearish breakout has happened in GBP/USD but no strong bearish continuation yet below 1.3000. The pair stick near the resistance and waiting for a trigger for the next movement. Traders could use 1.3000 as a level to look for short positions. Despite the bearish pressure, traders need to be prepared for sudden jump too as U.S-China trade talk will reach a conclusion soon.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3125, 1.3250

USD/JPY

It is a hard job for the bear to build bearish pressure in USD/JPY. Today, the bear managed to push the pair lower. But, the attempt immediately reversed by the bull and the price return near its opening level. If USD/JPY could maintain the price at the current level then it is possible for the pair to climb above 112.00 this week.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.14, 112.50

AUD/USD

AUD/USD continue to close lower after the rejection from SMA 200. The pair has not shown any bullish sign and expected to test the trendline on the daily chart soon. If the bull could not create a bounce near the trendline then we could expect AUD/USD to continue its bearish trend.

Today critical levels to watch:

Support: 0.7080, 0.7000

Resistance: 0.7160, 0.7200

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