USDX (USD Index)
U.S dollar index continues under pressure today as The Fed interest-rate decision loom. Currently, the market seems weighing on possible dovish fed and betting against U.S dollar. If tomorrow rate-decision settle with no rate-hike and followed by a dovish statement by Jerome Powell then the index expected to go down and test 96.10.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 18-22 March 2019
Technical Analysis
EUR/USD
EUR/USD extends gain and reaches 1.1360 resistance. The pair is not far from the top of its bearish channel and might test it soon. However, there is The Fed interest-rate tomorrow. We should see major movement after the news and Jerome Powell speech.
The pair overall trend still bearish and need a breakout above the channel to overturn the bearish trend.
today critical levels to watch:
Support: 1.1300, 1.1200
Resistance: 1.1360, 1.1400
GBP/USD
GBP/USD continue directionless between 1.3250 – 1.3300. Uncertainties on Brexit continue put traders on the sideway. Will the UK get time extension from Euro group? Alternatively, will the country settle for surprise deal nearing the deadline?
The pair might continue sideways between 1.3250 – 1.3300 until news triggered movement.
Today Critical level to watch:
Support: 1.3250, 1.3125, 1.3000
Resistance: 1.3300, 1.3330
USD/JPY
There is not much movement on the USD/JPY chart yet. The pair rejected from the level near 112.00 and closed near SMA 200. It drops below the averages today but might close the day back above it. No momentum movement is seen and USD/JPY expected to trade between SMA 200 and 112.00
Today critical levels to watch:
Support: 111.00, 110.50, 110.00
Resistance: 112.00
AUD/USD
AUD/USD might be moving with bullish sentiment at the current time. However, the overall trend is bearish which suggest current upward movement is a correction. As long as the pair stays below 0.7160 then there are no long positions suggested. It needs to surpass 0.7160 and the SMA 200 to turn the trend into bullish.
Today critical levels to watch:
Support: 0.7080, 0.7000
Resistance: 0.7160, 0.7200