USDX (USD Index)
U.S dollar index notched gain in Thursday session, but the index on the downward path today after the Non-farm employment data and unemployment recorded miss result. The job data come out at 103k vs. 188k. Meanwhile, unemployment increased to 4.1% vs. 4.0% expectation.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 2 – 6 Apr 2018
Technical Analysis
EUR/USD
EUR/USD is showing indication of a bounce today as U.S dollar index weaken. The bounce from technical side coincides with fundamental which is a high-odds situation. If EUR/USD could close above 1.2300 next week, we will see further upward movement toward the top of the blue channel.
Today critical level to watch:
Support: 1.2200, 1.2100
Resistance: 1.2300, 1.2500
GBP/USD
GBP/USD found footing at 1.4000 after U.S Non-farm employment data. The pair launch higher and testing this week high. The closure above this week high will trigger further buying next week and lead GBP/USD to test 1.4250.
Today critical level to watch:
Support: 1.4000, 1.3850, 1.3835, 1.3800
Resistance: 1.4140, 1.4200, 1.4325
USD/JPY
USD/JPY reached the upward target between 107.00 – 107.40 as expected and there is selling reaction from the resistance. The selling is not severe and USD/JPY traded inside 107.00 – 107.40 range. If the bull could maintain the buying pressure, then we might see a breakout above 107.40 next week. Otherwise, strong rejection from the area and close below 107.00 might give the lead to the bear.
Today critical level to watch:
Support: 107.00, 106.10, 105.50
Resistance: 107.40
AUD/USD
AUD/USD perform in a lackluster manner as the pair stays on the defensive. 0.7690 is the line of defense for the bull, and the pair might barely close above it by the end of this week. Traders will observe where the pair close by the end of the week to determine next week trend.
Today critical level to watch:
Support: 0.7690, 0.7640
Resistance: 0.7750, 0.7800