USDX (USD Index)
The bull set loose in the U.S dollar index and nothing could stop it now. Gold prices unexpectedly turn South and the only things which move higher are U.S dollar and other safe-haven currencies. It is better to avoid short positions in the U.S dollar for now. On the upside, 103.82 is the target for the current bullish movement.
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 continues its downward movement and currently falls below the previous month low. The pair might target parity level if there is no change to the global market situation. Coronavirus infection and death tolls have reached 200,000 and no effective cure yet. Traders will continue to avoid long positions for now and waiting for bullish correction before entering short positions.
today critical levels to watch:
Support: 1.0500, 1.000
Resistance: 1.1000, 1.1120
GBP/USD
GBP/USD broke below the 1.2000 – 1.2100 support area and on the path lower below the Brexit low. The pair traded at an uncharted area which means anything could happen. If the pair could not shake the current bearish pressure then traders will expect the pair to reach 1.1000, 1.0500 or maybe parity.
Today Critical level to watch:
Support: 1.1500, 1.1000
Resistance: 1.2000, 1.2100
USD/JPY
USD/JPY jump above SMA 200 and 108.00 resistance. It manages to reach 110.00 resistance and currently testing it. It is possible the bull could press the pair further higher and close above 110.00. At the current time, traders will use 108.00 as the level to take long positions if correction happens.
Today critical levels to watch:
Support: 108.00, 107.00
Resistance: 110.00
AUD/USD
AUD/USD rate of fall accelerate and the pair has reached the level near 0.5500 today. Same as before, no reason to take long positions yet. The pair expected to continue its bearish movement at least until there is an improvement in the coronavirus cases.
Today critical levels to watch:
Support: 0.5500
Resistance: 0.6000, 0.6200