USDX (USD Index)

The upward movement of the U.S dollar index closed above 100.00 handles at the end of the previous week. It seems the bullish movement will continue this week. At the current time, the index might start a correction to test the 100.00 – 100.30 area.

If the index manages to reach the area then traders could prepare to enter long positions.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 6 – 10 April 2020

EUR/USD

EUR/USD continues its drop last week and closed near the horizontal support level. Today, the bearish pressure lifted and there is a bullish reaction. Will the pair bounce and start moving higher toward 1.0900?

today critical levels to watch:

Support: 1.0650

Resistance: 1.0900, 1.1000, 1.1120

GBP/USD

GBP/USD stop moving lower and show a bullish reaction at 1.2200. It is not a final confirmation that the pair will start moving higher. Today closing level will give further clue on the pair next direction. If the pair reverse and closed lower then expect a test on 1.2000 – 1.2100 support area.

Today Critical level to watch:

Support: 1.2200, 1.2100, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

The overall short-medium-term trend becomes bullish again after the pair closed above SMA 200. Today, there is bullish follow-through and USD/JPY almost reaches the 110.00 resistance level. Without any major bearish reaction, USD/JPY might continue upward and target 111.00 – 112.00

Today critical levels to watch:

Support: 108.00, 106.70

Resistance: 110.00, 111.00

AUD/USD

AUD/USD shows an initial bullish reaction from 0.6000 support level. There is no conclusion yet a bounce has happen. However, traders who has entered long positions could hold the position. The pair direction will depend on where it close by the end of the day.

Today critical levels to watch:

Support: 0.6000, 0.5500

Resistance: 0.6200, 0.6300, 0.6500