USDX (USD Index)

The bearish opening in the previous day received by major bullish buying and brought the U.S dollar index to close inside 100.00 – 100.30. area. At the current time, the market will favor a bullish breakout above the 100.30 resistance. However, the problem stay the same as the previous week.

News to watch

07.30 AM U.S CPI m/m, forecast -0.7%

Core CPI m/m, -0.2%

For full outlook for this week, you can follow Forex Outlook For The Week 11 – 15 May 2020

EUR/USD

EUR/USD pushed lower to close near 1.0800 support level. Fortunately, there is no breakout below the support level and currently, the pair attempting to stage bounce from the 1.0800 support level. If the pair could bounce from the support level then it might target 1.0900 and 1.1000.

today critical levels to watch:

Support: 1.0800, 1.0650

Resistance: 1.0900, 1.1000

GBP/USD

GBP/USD extended its bearish close yesterday and set to target the 1.2000 – 1.2200 area. At the current time, there is no bearish continuation yet, the bull attempting to maintain the positions and reverse the pair direction. If the pair could reach 1.2000 – 1.2200 area then traders could consider entering long positions on bullish reaction.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY launched upward above 106.70 and closed near 108.00. It is a surprise bounce and could become a bullish rally. However, the pair still need a strong bullish close above daily SMA 200 to continue its bullish rally. We think the pair will stuck below the SMA 200 and continue its bearish movement in the coming days or weeks.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00

AUD/USD

AUD/USD closed lower but maintain the level near 0.6500. There is bearish follow-through in the today trading session but the bull manage to pull the pair back near to its opening level. As long as the pair could continue to stick near 0.6500, there is a possibility the pair could continue upward and reach daily SMA 200 also 0.6700.

Today critical levels to watch:

Support: 0.6500, 0.6300

Resistance: 0.6700