Forex Technical Major Pairs analysis April 8, 2020

USDX (USD Index)

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We have a close below 100.00 handle but not a strong bearish close. The index managed to maintain the support level so far. As long as there is no major bearish close below 100, traders could continue to hold long positions. A close above previous week high will help the index to continue further higher.

News to watch

FOMC minutes of the meeting, OPEC meeting.

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

EUR/USD

The pair bounced from the horizontal level around 1.0800 and closed near 1.0900. No conclusion yet on the next direction. We think the pair might consolidate between 1.0800 – 1.0900 for now. Tomorrow, there is the ECB meeting to discuss stimulus. We might see volatility in the pair depend on the result.

today critical levels to watch:

Support: 1.0800, 1.0650

Resistance: 1.0900, 1.1000, 1.1120

GBP/USD

GBP/USD closed yesterday trading session as a bullish candlestick. It is not a bullish engulfing pattern but might lead the pair further upside. At the current time, there is no follow-through from the bull yet. FOMC minutes of the meeting is to be released today and there are OPEC also ECB meeting tomorrow.

Expect the pair to trade sideline for now.

Today Critical level to watch:

Support: 1.2200, 1.2100, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

The position above SMA 200 is important for the bull to continue its bullish movement. USD/JPY seems will continue moving upward and target 110.00 – 112.00. Similar to the previous day analysis, as long as there is no bearish close below SMA 200, the pair will move higher.

Today critical levels to watch:

Support: 108.00, 106.70

Resistance: 109.00, 110.00, 111.00

AUD/USD

AUD/USD range span between 0.6000 – 0.6200 for now. The pair expected to consolidate inside the range with a bullish bias. We think the pair has high odds to break higher and target 0.6500.

Today critical levels to watch:

Support: 0.6000, 0.5500

Resistance: 0.6200, 0.6300, 0.6500

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