USDX (USD Index)
U.S dollar index maintained the positions above daily SMA 200 and today the index move higher above the previous week high. The index expected to continue its bullish pressure and target 100.00 in the medium-term. At the current time, traders will avoid shorting the U.S dollar and monitoring the development of covid-19 around the world.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 16 – 20 March 2020
EUR/USD
EUR/USD managed to close above SMA 200 for several days. However, the bullish attempt has failed today as the pair slide below the averages. If the pair continue to add more bearish pressure then we will expect it to reach 1.1000 soon. Traders could start looking for a bearish position near SMA 200 when the pair hit 1.1000.
today critical levels to watch:
Support: 1.1000, 1.0900
Resistance: 1.1120, 1.1185, 1.1200
GBP/USD
The overall short-term trend is bearish and the momentum is strong. GBP/USD soon will reach the 1.2000 – 1.2100 area. We think the pair will halt its drop near the area and make the short-term bullish bounce. No positive development on covid-19 yet which means the pair could continue its bearish movement.
Today Critical level to watch:
Support: 1.2100, 1.2000
Resistance: 1.2500
USD/JPY
USD/JPY closed near 108.00 and SMA 200 at the end of the previous week. However, this week the pair started with bearish movement. At the current time, the pair traded inside 106.70 – 108.00 and might consolidate inside it. If the pair could not make a strong bullish close above 108.00 and SMA 200 then traders will prepare for bearish positions.
Today critical levels to watch:
Support: 107.00, 106.70, 105.00
Resistance: 108.00
AUD/USD
AUD/USD moving lower each day and no bullish sign yet as the pair getting near 0.6000. Same as previous day outlook, traders will wait for sideline as the pair continue lower until it forms a bullish candlestick close. Without any bullish close, the pair might extend its bearish movement and target 0.5000.
Today critical levels to watch:
Support: 0.6000
Resistance: 0.6200, 0.6400, 0.6500