USDX (USD Index)

U.S dollar index extends its bullish close and getting near 103.82 (2017 high). The index currently shows bearish reaction and might correct toward 100.00 – 100.30. At the current time, traders could wait for the correction to reach the support area and enter long positions in the U.S dollar when there is a bullish reaction.

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 closed near 1.0650 support level yesterday and there is a bounce reaction today. The pair bullish reaction might be able to bring it to reach 1.0900 – 1.1000 resistance area. Traders will wait near the area to enter short positions. On a higher level, there is daily SMA 200 to watch.

today critical levels to watch:

Support: 1.0500, 1.000

Resistance: 1.0900, 1.1000, 1.1120

GBP/USD

GBP/USD bounced from 1.1450 support level and have surpassed the previous day high. We might have a bullish engulfing pattern formed and the pair might target 1.2000 – 1.2100 area. Traders will wait for reaction near the area and enter short positions when there is a major bearish reaction.

Today Critical level to watch:

Support: 1.1500, 1.1000

Resistance: 1.2000, 1.2100

USD/JPY

USD/JPY jumped and closed near the 111.00 resistance level yesterday. The bullish movement continues today and the pair manage to move above 111.00. However, the pair currently under pressure and reversed its direction. If the pair make the bearish correction then traders could observe the daily SMA 200 and 108.00 support level.

Today critical levels to watch:

Support: 108.00, 107.00

Resistance: 110.00

AUD/USD

AUD/USD finally bounced from the 0.5500 support level after a prolonged bearish movement from 0.7000. The pair soon will reach 0.6000 level. It is better to observe if the bullish movement will continue toward 0.6500.

Today critical levels to watch:

Support: 0.5500

Resistance: 0.6000, 0.6200