USDX (USD Index)

U.S dollar index overall movement continues between 100.00 – 100.30 range. No major breakout happened last week. This week, the index expected to continue trade near the range with a bullish bias. If the bullish breakout happens then traders will expect the index to target March high.

News to watch

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

EUR/USD

EUR/USD stuck near the 1.0800 support level last week. The pair currently waiting for further reaction near the support level. We think the pair could bounce from 1.0800 and will continue its ranging movement between 1.0800 – 1.0900.

today critical levels to watch:

Support: 1.0800, 1.0650

Resistance: 1.0900, 1.1000

GBP/USD

GBP/USD fell further lower below 1.2200 and closed near 1.2100. The pair weakness might continue toward 1.2000 but we expect it to bounce from the 1.2000 – 1.2200 area. Traders will prepare to enter long positions when there is a major bullish reaction from the area.

Today Critical level to watch:

Support: 1.2100, 1.2000

Resistance: 1.2200, 1.2500, 1.2625

USD/JPY

USD/JPY settled inside 106.70 – 108.00 range last week. The pair expected to continue its consolidation inside the range this week. On the medium-term we expect the pair to make bearish breakout and target 105.00 support level.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00

AUD/USD

AUD/USD closed lower last week but no lower low printed on the chart. It means there is a chance for the pair to start moving higher again and target 0.6500 and higher. At the current time, traders could see a triangle pattern formed and the pair is testing the bottom of the triangle.

We still expect the pair to move higher and target the SMA 200 and 0.6700 resistance level.

Today critical levels to watch:

Support: 0.6300

Resistance: 0.6500, 0.6700