USDX (USD Index)
The bull manages to hold the index from falling further below the blue box yesterday. Today, there is not much movement yet as the market waiting for Jerome Powell speech today. Technically, the index might hover between the bottom of the channel and blue box.
News to watch
08.30 AM U.S Core Durable Goods Orders m/m, forecast increase of 0.4%
Fed Chair Powell Testifies
10.00 AM U.S CB Consumer Confidence, estimate reading of 126.2
For full outlook for this week, you can follow Forex Outlook For The Week 26 – 2 Mar 2018
Technical Analysis
EUR/USD
We are waiting for a bounce in EUR/USD, but it looks like the bull shown no interest to bounce from 1.2300. The pair has moved near the level for four days. If there is no bounce, we might see a deeper correction toward the bottom of blue channel or 1.2070.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
GBP/USD still trapped inside the triangle consolidation and it should continue today. Traders will wait until momentum movement out of the triangle happens before placing long-term position.
Today critical level to watch:
Support: 1.3850, 1.3800, 1.3600
Resistance: 1.4000, 1.4250, 1.4325
USD/JPY
There is no suggestion yet on USD/JPY as the pair undergo consolidation. Traders could see triangle pattern on the daily chart, and it is better to wait until the pattern is broken.
Today critical level to watch:
Support: 106.10, 105.50, 105.00
Resistance: 107.00, 107.40, 109.00
AUD/USD
The pair tested to of 0.7800 – 0.7875 range and rejected from the top. It is expected to continue movement between 0.7800 – 0.7875 until next direction settled.
Today critical level to watch:
Support: 0.7800
Resistance: 0.7875, 0.7970, 0.8000