USDX (USD Index)
U.S dollar index path is lower and this week’s situation continues bearish. OPEC failed to achieve a deal and the situation leads to oil price war. Crude oil tumbled below $30.00 and might continue down. Aside from the crude oil price war, coronavirus infection increased by nearly 4000 cases worldwide at the end of the week.
The index supported near 95.00 but might give more ground later.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 09 – 13 March 2020
EUR/USD
EUR/USD opened higher today and reached the level near 1.1500 before release most of its gain. The pair expected to maintain its bullish pressure and stay above 1.1360. Traders will continue to hold long positions while waiting for a further clue in the next direction.
today critical levels to watch:
Support: 1.1360, 1.1300
Resistance: 1.1500
GBP/USD
A close above 1.3000 happened in the Friday trading session. GBP/USD opened higher today and manage to reach 1.3125. We think the pair could continue its upward movement and target 1.3250 with or without retest on 1.3000. Traders could look for long positions when the pair reach 1.3000.
Today Critical level to watch:
Support: 1.3050, 1.3000
Resistance: 1.3125, 1.3250
USD/JPY
USD/JPY losing streak continues as the pair opened below 105.00. It managed to reach the level near 101.50 and might target the 100.00 level. Similar to the previous analysis, it is better to stick with short positions while waiting for bullish corrective movement. If a bullish correction happens then traders could look for short positions.
Today critical levels to watch:
Support: 101.50, 100.00
Resistance: 105.00
AUD/USD
AUD/USD cleared the stop order below 0.6500 support level. The pair printed significant lower low but at the current time it has return above 0.6500. No confirmation yet on the pair next direction. Traders will observe the closing level of today trading session. A close above 0.6500 will help the pair to bounce and move higher.
Today critical levels to watch:
Support: 0.6500
Resistance: 0.6600, 0.6662, 0.6750