USDX (USD Index)

U.S dollar index trading upward and avoiding further weakness toward the 97.50 support level. It seems the index will close the week near the 98.40 level. On the long-term view, the trend is bullish and we think the index will continue the upward movement toward the 100.00 resistance level. However, if the bearish correction continues then traders could use 96.70 and 96.10 as bounce levels.

EUR/USD

EUR/USD tested the 1.1120 – 1.1185 resistance level and seems trading lower to test the 1.1000 support level. The pair might stick near the level until the closing of the week. If the pair continues moving upward and surpass the 1.1120 – 1.1185 then it could continue the bullish correction toward the 1.1300 – 1.1360 area.

Today critical levels to watch:

Support: 1.1000, 1.0900, 1.0800

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD bullish correction has 1.3250 as an upward target. No continuation at the current time the pair is trading near the 1.3125. Traders will wait near the 1.3250 resistance level for a chance to enter short positions. At the current time, it is better to wait sideline and observe the pair reaction.

Today Critical level to watch:

Support: 1.3125, 1.3000

Resistance: 1.3250, 1.3300, 1.3330

USD/JPY

USD/JPY has not stopped moving upward after the breakout above 115.90. The pair expected to continue its bullish trend. No change to the trading strategy, traders will wait for a bearish correction toward the 115.90 level for a chance to enter long positions.

Today critical levels to watch:

Support: 115.90, 115.00, 114.50

Resistance:

AUD/USD

AUD/USD closed above the daily SMA 200 with moderate bullish momentum. The bullish movement continues today and the pair soon will reach 0.7450 – 0.7500 area. If the pair could print a higher swing high then the bullish trend is set to continue for the medium-long term with daily SMA 200 as support.

Today critical levels to watch:

Support: 0.7330, 0.7300, 0.7160

Resistance: 0.7450, 0.7500