USDX (USD Index)

U.S dollar index managed to return near 100.00 handles by the end of the day. Today, the index attempting to move higher but at the current time trade back near its opening level. The index might continue to stick near 100.00 handles for now. The consolidation range is between 100.00 – 100.30.

News to watch

09.00 AM U.S CB Consumer Confidence, forecast 88.3

For full outlook for this week, you can follow Forex Outlook For The Week April 27 – May 01, 2020

EUR/USD

EUR/USD range span between 1.0800 – 1.0900 and expected to trade inside the range now. Today, there is a minimum bullish reaction. The pair is trading inside the previous day range. If the pair could climb and close above the previous day high then it is expected to target 1.0900.

today critical levels to watch:

Support: 1.0800, 1.0650

Resistance: 1.0900

GBP/USD

GBP/USD on the path higher after another bullish close yesterday. The pair has surpassed previous Tuesday high and set to target 1.2625 and SMA 200. Traders will wait until the pair reach resistance level to determine if the bullish movement will continue or reverse.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY bull is in trouble as the pair continue moving lower. The bearish pressure on the pair soon will bring the pair to reach 106.70 support level. If the bearish pressure produces strong momentum then traders will expect continuation toward 105.00 support level.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00

AUD/USD

AUD/USD extends its bullish close and currently traded higher toward 0.6500. The pair high is less than 10 pips from 0.6500. It seems the resistance level will be reached soon. When the pair reaches the resistance level, traders will observe the reaction. Without major bearish reaction, AUD/USD might continue its bullish movement toward daily SMA 200.

Today critical levels to watch:

Support: 0.6300, 0.6200, 0.6000

Resistance: 0.6500