USDX (USD Index)

The bearish pressure brought the U.S dollar index to close near the 95.00 support level. Today, the bull attempting a bounce and currently traded above the previous day high. If the bull could maintain the bullish pressure and make a close above 96.10 then the index may start a short-term bullish correction.

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 slightly lower today and trade near 1.1360 support level. The pair will look to maintain its position above the level and continue the bullish trend. Traders could look for long positions between 1.1300 – 1.1360 with 1.1500 as an initial target. As long as there is no major bearish close below 1.1300 then the pair expected to stay bullish.

today critical levels to watch:

Support: 1.1360, 1.1300

Resistance: 1.1500

GBP/USD

A bearish correction is in progress after GBP/USD settled inside the 1.3050 – 1.3125 area. The pair might move lower and test 1.3000 support levels where traders could look for long positions. Long positions are best taken after bullish reactions happen.

Today Critical level to watch:

Support: 1.3050, 1.3000

Resistance: 1.3125, 1.3250

USD/JPY

USD/JPY make bullish bounce today after previous day sharp selling. The pair tested 105.00 resistance and slightly lower after the test. Currently, the pair traded near the previous day high. Will the pair make higher close and continue its bullish correction?

Today critical levels to watch:

Support: 101.50, 100.00

Resistance: 105.00

AUD/USD

AUD/USD is in a bearish trend, all form of bullish movement is only a corrective movement. Yesterday, the pair tested the level near 0.6700 and trade back to its opening level. Today, the pair slightly lower and might continue its bearish movement. Similar to the previous analysis, entering short positions on a higher level is a better option, traders could take.

Today critical levels to watch:

Support: 0.6500

Resistance: 0.6600, 0.6662, 0.6750