Forex Technical Major Pairs analysis March 15, 2019

USDX (USD Index)

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Even though the index broke below 96.70 support, it managed to close near the level yesterday. But, the return of U.S dollar index near the level show indecision of the market. At the current level, the index could move either way and the indecision will grow further if there is no significant close away from 96.70 by the end of the week.

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

The pair return inside 1.1300 – 1.1360 and manage to maintain the position inside it yesterday despite the selling pressure. Today, the pair attempt to bounce from 1.1300 but still below previous day high. No conclusion yet on EUR/USD next movement. We think the pair will start ranging between 1.1300 – 1.1360 until next direction settled.

Today critical levels to watch:

Support: 1.1300, 1.1200

Resistance: 1.1360, 1.1400

GBP/USD

GBP/USD might be the hardest pair to trade at the current time as Brexit news continue to influence the pair. The UK is moving swiftly, voted down Theresa May Brexit plan as well as “No-deal Brexit”. The lawmakers also voted to extend Brexit deadline from the end of March to June.

The market will wait for EU decision on UK latest decision. An extension of Brexit deadline might not change the country condition radically. We suggest adopting “wait and see” stance in GBP/USD.

Today Critical level to watch:

Support: 1.3250, 1.3125, 1.3000

Resistance: 1.3300, 1.3330

USD/JPY

USD/JPY closed above daily SMA 200 but could not extend gain today as 112.00 resistance blocking the way. The pair has returned to its opening level and might trade sideline to the close of day. Without a close above 112.00 then USD/JPY might reverse its current bullish sentiment, especially when a close below SMA 200 happen.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00

AUD/USD

There is not much change in AUD/USD yet. The pair might be closed lower in the previous day, but it maintains the close above Wednesday low. Currently, there is bullish attempt which still below previous day high. Traders could continue to maintain the bearish outlook on the pair until breakout above 0.7160 or SMA 200 happens.

Today critical levels to watch:

Support: 0.7000

Resistance: 0.7080, 0.7160, 0.7200

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