USDX (USD Index)
U.S dollar index sticks near the top of the blue box and showing no sign of movement, and the index is in the waiting period before ECB interest-rate today and tomorrow job data. Traders suggested staying sideline for now until both news unveiled. The index could either bounce or break below the blue box.
BOJ also will decide interest-rate later.
News to watch
07.45 AM ECB Minimum Bid Rate
08.30 AM ECB Press Conference
For full outlook for this week, you can follow Forex Outlook For The Week 5 – 9 Mar 2018
Technical Analysis
EUR/USD
EUR/USD stay at the high before ECB interest-rate decision today. The pair looks will continue moving sideline until the rate decision and ECB press conference. There is more room toward 1.2500, but it will depend on today result.
Today critical level to watch:
Support: 1.2300, 1.2200, 1.2100
Resistance: 1.2500
GBP/USD
Similar to EUR/USD, the pair turned directionless as ECB rate-decision and U.S job data loom. GBP/USD could either move higher to test 1.4000 or descend lower to test 1.3835. The resistance stays the same as previous day, the trendline.
Today critical level to watch:
Support: 1.3850, 1.3800, 1.3600
Resistance: 1.4000
USD/JPY
There is no change in the USD/JPY analysis, the pair is at a critical level and could move further lower. Without any breakout upside, USD/JPY expected to move inside the bearish channel and reach 103.80.
Today critical level to watch:
Support: 105.50, 105.00
Resistance: 106.10, 107.00, 107.40, 109.00
AUD/USD
AUD/USD also undergo a sideways trend inside the triangle and 0.7800 – 0.7875 range. Traders will wait for either reaction at the top of the trendline or a breakout above the trendline.
Today critical level to watch:
Support: 0.7800, 0.7750, 0.7690
Resistance: 0.7875