USDX (USD Index)

The bullish attempt in the U.S dollar index initially manage to broke above 100.30 resistance. However, the index could not hold the bullish pressure and closed near 100.30 at the end of the day. Today, the index continue to stick near the resistance level and waiting for further confirmation. A close below 100.30 or 100.00 is a bearish sign and might trigger bearish correction toward 98.40

News to watch

08.30 AM U.S Core Retail Sales m/m, forecast -8.6%

Retail Sales m/m, forecast -12.0%

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

EUR/USD

EUR/USD maintained the positions above 1.0800 by the end of the day and opening the chance for the pair to bounce from the support level. At the current time, there is bearish pressure again toward 1.0800. Will the pair continue its close above 1.0800 and bounce from it?

today critical levels to watch:

Support: 1.0800, 1.0650

Resistance: 1.0900, 1.1000

GBP/USD

GBP/USD touched the 1.2000 – 1.2200 area. The pair currently testing the support level and looking for the chance to bounce from it. No major bullish reaction yet and the bear seems adding more bearish pressure. Traders could observe the area between 1.2000 – 1.2200 for the chance to enter long positions on a bullish reaction.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

USD/JPY bounce from the 106.70 support level and currently hanging at the middle of 106.70 – 108.00. No clue on the next direction yet. Traders will assume the pair will consolidate inside the range with a bearish bias.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00

AUD/USD

AUD/USD pushed lower but managed to close the day on the bullish side. It seems the pair might be able to maintain its position near 0.6500 by the end of week. If there is bullish close near 0.6500 or above it then AUD/USD set to continue its bullish movement toward daily SMA 200.

Today critical levels to watch:

Support: 0.6300

Resistance: 0.6500, 0.6700