Forex Technical Major Pairs analysis March 27, 2020

USDX (USD Index)

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The index pullback from the high near 103.00 has reached 99.40 support level. Today, the index continues its bearish test below the level but manages to return to its opening level. If the index continues losing ground below the support level then traders will need to consider further bearish continuation toward SMA 200.

EUR/USD

EUR/USD bullish correction touched the daily SMA 200 today. The pair slightly lower after the touch and currently will test the 1.1000 support level. If the pair could close the day above 1.1000 then it will trade between 1.1000 and daily SMA 200 next week.

Under the current situation, the odds are higher for the pair to stay above the support level. But, traders will refrain from opening positions at least until the close of the weekly candlestick.

today critical levels to watch:

Support: 1.1000, 1.0900, 1.0650

Resistance: 1.1120

GBP/USD

GBP/USD extended its bullish close for the fifth day. We have a close above Brexit low level and it might extend further higher. However, if the pair moves lower and returns below 1.2000 then it is better to exit long positions. Currently, the pair is testing the 1.2200 resistance level.

Today Critical level to watch:

Support: 1.2100, 1.2000

Resistance: 1.2200

USD/JPY

USD/JPY continue its correction and reached the daily SMA 200 today. The pair show a slight bullish reaction but it might be a temporary action only. At the current time, the U.S dollar index is under pressure and testing the support level. If the bearish breakout happens then USD/JPY expected to extend its bearish movement further below SMA 200.

Today critical levels to watch:

Support: 108.00

Resistance: 110.00, 111.00, 112.00

AUD/USD

AUD/USD closed above 0.6000 resistance and open the chance for further bullish continuation. We think the pair might stick near the level by the end of the week. If the pair closes below 0.6000 with strong bearish momentum then traders have the clue to take short positions toward 0.5500. Without any strong bearish close, it is better to avoid short positions.

Today critical levels to watch:

Support: 0.6000, 0.5500

Resistance: 0.6200

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