Forex Technical Major Pairs Analysis | May 04, 2021

USDX (USD Index)

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A bullish bounce is in progress, U.S dollar index bounced from the blue box area and set to target 92.00 also daily SMA 200. There is a speech by Janet Yellen which favors the appreciation of the U.S dollar index. The treasury secretary mention that the interest rate eventually will increase somehow to prevent the economy from overheating.

Traders will monitor the index reaction near the resistance level to gauge a medium-long-term outlook.

EUR/USD

EUR/USD made a bullish close near the 1.2070 resistance level. The pair however restarted its bearish movement and fall below the previous day’s low. The same as we mentioned yesterday if the pair continues moving bearishly below 1.2000 and close below it. Then traders will expect 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 maintained the positions inside 1.3835 – 1.4000 after the previous day’s bullish close. The pair expected to keep trading between 1.3835 – 1.4000 with a bullish bias. Traders will continue to monitor the pair movement inside the range for now.

Today Critical level to watch:

Support: 1.3835, 1.3600

Resistance: 1.4000, 1.4325

USD/JPY

USD/JPY made a bearish close yesterday but no bearish follow-through today. The pair continue trading inside the previous day’s range and might start moving upward again. If the pair continues the bullish movement then traders will expect the pair to target 110.00.

Today critical levels to watch:

Support: 109.00, 108.00, 106.70

Resistance: 110.00, 111.00

AUD/USD

AUD/USD losing more ground today and printed lower low. The pair currently testing the 0.7690 support level despite the bullish close above 0.7750 yesterday. We might see a bearish continuation toward 0.7640 and daily SMA 200 as the U.S dollar index gaining ground.

Today critical levels to watch:,

Support: 0.7700, 0.7640, 0.7550, 0.7500

Resistance: 0.7750, 0.7800, 0.8000

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