Forex Technical Major Pairs Analysis | May 03, 2021

USDX (USD Index)

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A Major bullish bounce happened in the U.S dollar index last week. The index moved upward and closed above the blue box area. Today, there is no bullish follow-through yet in the index. The index seems testing the blue box area and to look to bounce from it.

Traders will wait for a bullish reaction from the blue box area to enter long positions in the U.S dollar.

EUR/USD

Last week, EUR/USD mostly bullish for most days of the week. However, the pair lost its bullish momentum and turned lower with strong bearish momentum. The pair settled below 1.2070, back inside the 1.2000 – 1.2070 area again.

This week, traders will wait for the reaction inside the area to determine the pair’s next direction. We still think the pair could continue its bullish trend and target 1.2200 or higher. However, if the pair extend its bearish close below 1.2000 then traders will prepare for a deeper correction toward the daily SMA 200.

Today critical levels to watch:

Support: 1.2000, 1.1820, 1.1710

Resistance: 1.2070, 1.2200

GBP/USD

GBP/USD pushed lower and closed below 1.3835 in the previous week. The pair might continue its bearish movement below 1.3835 and target 1.3600. Fortunately, there is no bearish continuation and the pair currently attempts to bounce from the 1.3835 level.

A close inside the 1.3835 – 1.4000 this week, will extend the consolidation inside it.

Today Critical level to watch:

Support: 1.3835, 1.3600

Resistance: 1.4000, 1.4325

USD/JPY

USD/JPY extended its bullish movement above the 109.00 resistance level smoothly. The pair keep building more bullish pressure and soon will reach 110.00 resistance level. At the current time, traders who have long positions will continue to keep holding the positions until there is a major bearish reaction.

Today critical levels to watch:

Support: 109.00, 108.00, 106.70

Resistance: 110.00, 111.00

AUD/USD

AUD/USD was rejected from the 0.7800 resistance level and closed lower last week. No lower low printed on the chart which means there is a chance for the pair to reverse the bearish pressure and start moving upward again. If the pair could break out above 0.7800 then traders could expect the pair to target the 0.8000 resistance level next.

Today critical levels to watch:,

Support: 0.7750, 0.7700, 0.7640, 0.7550, 0.7500

Resistance: 0.7800, 0.8000

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