Forex Technical Major Pairs analysis March 14, 2019

USDX (USD Index)

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Forex Technical Major Pairs analysis March 14, 2019

U.S dollar index dropped below 96.70 support level and closed below it. The event put doubt on the index bullish trend. However, the situation does not last long and the bull manages to pull the index back above 96.70 today. If the index could maintain the position above 96.70 by the end of the day then it might be set for next bullish leg.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 11-15 March 2019

Technical Analysis

EUR/USD

Forex Technical Major Pairs analysis March 14, 2019

EUR/USD managed to climb back inside the 1.1300 – 1.1360 area. The pair projected to consolidate inside the range. But, it seems the bear hold control the entire day and looks will close the pair below 1.1300 by the end of the day. There is no conclusion yet on EUR/USD next movement. It is better to wait for the closing level of the pair by the end of the day.

Today critical levels to watch:

Support: 1.1300, 1.1200

Resistance: 1.1360, 1.1400

GBP/USD

Forex Technical Major Pairs analysis March 14, 2019

UK lawmakers voted down Theresa May proposal for Brexit deal and rejected the prospect of “No-deal Brexit”. The overall situation is full of uncertainties for GBP/USD as the pair swing wildly. It is supported by 1.3250 but could tumble anytime. At the current time, it is better to stay sideline until the dust settled.

Today Critical level to watch:

Support: 1.3250, 1.3125, 1.3000

Resistance: 1.3300, 1.3330

USD/JPY

Forex Technical Major Pairs analysis March 14, 2019

USD/JPY stick near daily SMA 200 for the third day without any close above it. Today, the pair manage to climb above the averages and maintain advantage above it the entire day. If the bull could close the pair above the averages then we could expect further upside to test 112.50 soon.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00

AUD/USD

Forex Technical Major Pairs analysis March 14, 2019

Nothing interesting yet on the AUD/USD daily chart. The pair reversed the bearish pressure yesterday and closed the day on the positive side. It still traded below the blue trendline and there is bearish rejection today. The pair is bearish and traders could sell the rallies whenever it happens.

Today critical levels to watch:

Support: 0.7000

Resistance: 0.7080, 0.7160, 0.7200

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