USDX (USD Index)

U.S dollar index rejected from the level near 100.00 and fell with strong bearish momentum. The index opened higher this week and might extend its bullish movement. The current bullish pressure happen as coronavirus cases increased worldwide at the end of the week. South Korea raised the threat level to maximum and Italy city is in a lockdown.

We think U.S the dollar index will trade between 99.40 – 100.00 for now.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 24 – 28 February 2020

EUR/USD

EUR/USD managed to climb at the end of week and closed the weekly trading candlestick as a bullish candlestick. The pair might continue its bullish reversal but the situation turn South suddenly at the weekend. The world is concerned on the coronavirus situation and it might push EUR/USD down further lower.

today critical levels to watch:

Support: 1.0800, 1.0700

Resistance: 1.0900, 1.1000

GBP/USD

GBP/USD bounced from the daily SMA 200 and set to target 1.3000. At the current time, the pair opened lower this week and might come under pressure as the coronavirus situation turn worse. The pair might trade between SMA 200 and 1.3000 for now until breakout happen.

Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3050, 1.3125, 1.3250

USD/JPY

USD/JPY launched upward above 110.00 last week and managed to reach 112.00. The pair slightly lower at the end of the week below 112.00. This week, the pair gap down but the bull immediately push the price back to near the last week closing level. It seems USD/JPY will trade between 111.00 – 112.00 for now, waiting for a trigger for the next movement.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00, 112.50

AUD/USD

AUD/USD attempted to bounce at the end of the week and closed the day as a bullish candlestick. Initially, the pair might trigger a short-term bullish correction. However, souring mood at the beginning of the week caused the pair to open lower. If the pair make further bearish close then traders will expect further bearish continuation.

Today critical levels to watch:

Support: 0.6600, 0.6500

Resistance: 0.6662, 0.6750