USDX (USD Index)

The index made bullish attempt to return above SMA 200 but it stopped near the 97.50 level. Today, the index is losing ground below the previous day low and might extend its bearish trend. Without a close above 97.50 or the daily SMA 200, it is better to avoid long positions in the U.S dollar for now.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 02 – 06 March 2020

EUR/USD

The overall trend of EUR/USD is bullish for short-term and there is a bounce from the 1.1120 support level. Currently, the pair pressuring to the upside and soon will retest 1.1185 resistance again. Traders will wait for a breakout of 1.1120 – 1.1185 range to happen before deciding the next direction.

today critical levels to watch:

Support: 1.1120

Resistance: 1.1185, 1.1200

GBP/USD

GBP/USD made bullish close above SMA 200 and extend its bullish movement today. The pair escape further bearish extension for now. Traders will observe the pair reaction inside the 1.2800 – 1.3000 area. As long as there is no close above 1.3000, traders could assume the pair will resume its long-term bearish trend.

Today Critical level to watch:

Support: 1.2800, 1.2625

Resistance: 1.3000, 1.3050

USD/JPY

USD/JPY pushed lower below 107.00 yesterday but managed to make a close above 107.40 by the end of the day. It looks bullish but the bearish pressure has not subsided yet and the pair drop again today. If the pair closes above 107.40 again by the end of the day then traders will prepare for a possible bullish bounce.

Today critical levels to watch:

Support: 107.00, 106.70

Resistance: 107.40, 109.00, 110.00

AUD/USD

AUD/USD continues its bullish correction movement. Without any change in the sentiment, the pair will target 0.6700 and 0.6750 resistance level. Traders could consider short positions near both resistances level.

Today critical levels to watch:

Support: 0.6600, 0.6500

Resistance: 0.6662, 0.6750