USDX (USD Index)
This week, U.S dollar index started the day by opening above the red trendline and stay sideways since Asian session. The European session also kick-off the week without any major movement. Today, the index expected to move sideways as there is no major news to move the market. Traders could stay in “Wait and see” mode until Wednesday ECB, BOJ speeches.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 9 – 13 Apr 2018
Technical Analysis
EUR/USD
EUR/USD bounced from the bottom of the blue channel, but stay below 1.2300 handles. There is no confirmation of breakout downside or valid bounce yet. However, as long as the pair stays above the channel, we could expect EUR/USD ready for an upward bounce toward the top of the channel.
This week ECB speech should become the trigger for momentum movement.
Today critical level to watch:
Support: 1.2200, 1.2100
Resistance: 1.2300, 1.2500
GBP/USD
There is no change to the GBP/USD outlook after the bounce from 1.4000 support level. The pair continues upward today and testing the Friday high. Wait for today close to determine if breakout happen and the pair will continue upward or stay inside the previous week range.
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 is showing initial sign of rejection, but we could regard the rejection as profit taking until the pair move below 106.10 once again. At this moment, a short position from 107.40 is possible but need strong confirmation first as the bull still trying to break the resistance.
Today critical level to watch:
Support: 107.00, 106.10, 105.50
Resistance: 107.40
AUD/USD
AUD/USD stick near the support level and no bounce or breakout yet. We will continue to monitor the pair movement near the support level. Overall, the pair has trouble at 0.7690 level and might fall from the level.
Today critical level to watch:
Support: 0.7640
Resistance: 0.7690, 0.7750, 0.7800