USDX (USD Index)

The bullish pressure on the U.S dollar index almost reached the 100.00 resistance level. The global world is fighting the coronavirus pandemic but no positive news yet. At the current rate, we think the index will reach 100.00 and breakout above it. It is better to continue to avoid shorting U.S dollar pairs right now.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 16 – 20 March 2020

EUR/USD

The bearish pressure on EUR/USD managed to bring the pair further lower below SMA 200 and 1.1000 support level. Fortunately, there is no bearish close below 1.1000 and there is a chance for the pair to bounce higher. If the pair will start bullish movement then it needs to start moving higher and close above SMA 200 at the end of the week. Further bearish close below 1.1000 will trigger bearish continuation toward February low.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185, 1.1200

GBP/USD

There is no bullish close on GBP/USD daily chart yet which means traders will continue to avoid long positions. The major support area of 1.2000 – 1.2100 might be broken today. Traders will wait for a bullish correction before entering more short positions.

Today Critical level to watch:

Support: 1.2000

Resistance: 1.2100, 1.2500

USD/JPY

USD/JPY might be at a crucial moment as the pair testing 108.00 and the daily SMA 200. The pair range span between 106.70 – 108.00. If the pair could close above 108.00 and the SMA 200 then traders will expect further bullish continuation. On the other hand, a close below 106.70 might trigger bearish continuation to test 105.00

Today critical levels to watch:

Support: 107.00, 106.70, 105.00

Resistance: 108.00

AUD/USD

AUD/USD extends its bearish close and shows no bullish sign. Similar to the previous day strategy, avoid taking long positions as long as there is no bullish close. Wait for a bullish correction toward the nearest resistance to enter short positions.

Today critical levels to watch:

Support: 0.6000

Resistance: 0.6200, 0.6400, 0.6500