Forex Technical Major Pairs analysis March 20, 2019

USDX (USD Index)

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Forex Technical Major Pairs analysis March 20, 2019

We are nearing the Fed interest-rate announcement. U.S dollar index showing not much movement at the middle of 96.10 – 96.70. We think the index will continue its sideways movement until the release of interest-rate. If the fed sounded dovish, then the index might be under pressure and continue to move down to 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

Forex Technical Major Pairs analysis March 20, 2019

The cloud has not cleared yet on EUR/USD as the pair capped at 1.1360. It is not the time to take any positions yet as the Fed will announce interest-rate soon. EUR/USD has more room upward to test the top of the channel. Traders might want to wait for the market reaction first before entering any positions.

today critical levels to watch:

Support: 1.1300, 1.1200

Resistance: 1.1360, 1.1400

GBP/USD

Forex Technical Major Pairs analysis March 20, 2019

The pair slip below 1.3250 support and continue deeper before The Fed. It is too early to conclude the pair next direction. GBP/USD might sling back upward and close the day above 1.3250 which is an extreme bullish indication. Wait until the release of interest-rate and speech by Jerome Powell before placing positions.

Today Critical level to watch:

Support: 1.3125, 1.3000

Resistance: 1.3250, 1.3300, 1.3330

USD/JPY

Forex Technical Major Pairs analysis March 20, 2019

USD/JPY trading back and forth the daily SMA 200 without clear direction. The pair expected to continue its sideways movement at the SMA 200 and waiting for a trigger to move.

Today critical levels to watch:

Support: 111.00, 110.50, 110.00

Resistance: 112.00

AUD/USD

Forex Technical Major Pairs analysis March 20, 2019

AUD/USD drifted lower in the early trading session. However, the pair losing downward momentum and return to its opening level. At the current time, the pair could move either way and wait for The Fed announcement.

Today critical levels to watch:

Support: 0.7080, 0.7000

Resistance: 0.7160, 0.7200

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