USDX (USD Index)
U.S dollar index on the bullish streak and closed above 95.00 resistance level. The index currently moving upward above the 95.50 resistance level. There is no stop to the bullish movement of the index yet and traders will continue to avoid shorting the U.S dollar. Under the current situation, it is better to wait for a bearish correction to enter long positions in the U.S dollar.
EUR/USD
EUR/USD pushed lower and reached the 1.1300 – 1.1360 area. The pair might continue its bearish movement and target the level below 1.1300. At the current time, it is better to wait for a bullish correction to enter short positions near the resistance level. Long positions are not suggested until the pair reach support level and form a major bullish reaction.
Today critical levels to watch:
Support: 1.1360, 1.1300
Resistance: 1.1500, 1.1580, 1.1710
GBP/USD
GBP/USD attempting to move upward but limited below the 1.3450 level. The pair might reverse the bullish pressure and start moving lower again to target 1.3250. On the upside, the pair needs to close above daily SMA 200 and 1.4000 to overturn the bearish trend entirely. If the pair start moving upward again, 1.3600 is the level to look for short positions.
Today Critical level to watch:
Support: 1.3330, 1.3300, 1.3250, 1.3000
Resistance: 1.3450, 1.3600, 1.3835, 1.4000
USD/JPY
USD/JPY is building more bullish pressure and currently testing the 114.50 resistance level for a bullish breakout. If the pair breakout higher then it is set to target 115.00 and 115.90. There is no bearish indication which means it is better to stick with long positions and avoid taking any short positions for now.
Today critical levels to watch:
Support: 113.00, 112.00
Resistance: 114.50, 115.00
AUD/USD
AUD/USD keeps pressuring the 0.7300 – 0.7330 area but no breakout and closes below the area yet. The pair will continue testing the area and traders will wait for further reaction. If the pair could bounce from the level then there is a chance for a bullish reversal toward 0.7450 – 0.7500. On the other hand, a breakout and close below the area will bring the pair further lower toward 0.7160.
Today critical levels to watch:
Support: 0.7330, 0.7300
Resistance: 0.7450, 0.7500, 0.7550