USDX (USD Index)
The upward pressure of the U.S dollar index brought it to reach the target 96.70. Looking at the bullish momentum we might see further bullish pressure brewing in the index and it is a possible breakout above 96.70 will happen this week. At the current time, traders might want to avoid short U.S dollar positions and stick to long positions.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 4-8 March 2019
Technical Analysis
EUR/USD
EUR/USD is under selling pressure today, falling below 1.1360 support level. Despite the downward movement, there is no breakout below 1.1360 in the previous week. It will be interesting to see the market reaction if EUR/USD could close the pair above 1.1360 today or at the end of this week.
Today critical levels to watch:
Support: 1.1300, 1.1200
Resistance: 1.1360, 1.1400
GBP/USD
The pair broke below 1.3250 in the previous week which halted current bullish pressure. Today, there is not much movement yet from the opening level. Initially, the bull takes initiative and send the pair up to test 1.3250. The test results in rejection. As long as the pair stays below 1.3250, there are chances for corrections to happen.
Today Critical level to watch:
Support: 1.3000, 1.2800, 1.2625
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
No strong reaction from 112.00 resistance yet and USD/JPY stick near it. The pair showing no reaction yet from the resistance and it is better to stay sideline. Currently, USD/JPY projected will move between daily SMA 200 and 112.00 resistance.
Today critical levels to watch:
Support: 111.00, 110.50, 110.00
Resistance: 112.00
AUD/USD
AUD/USD under pressure in the previous week and closed lower near the bottom of the triangle. No breakout yet below the pattern and today the pair manage to stay inside the triangle so far. As long as there is no breakout below the level, AUD/USD expected to continue its ranging movement inside the triangle. Currently, 0.7160 will continue to act as strong resistance.
Today critical levels to watch:
Support: 0.7080, 0.7000
Resistance: 0.7160, 0.7200, 0.7300, 0.7330