USDX (USD Index)
U.S dollar index managed to reach the 100.00 resistance level. The index finally produces a bearish reaction from the resistance level today. If the index continues lower then traders will prepare near the 99.40 level for a chance to enter long positions in the U.S dollar. We think the index will continue to stay bullish for the medium-long term. The only bearish confirmation traders need is a close below the 97.50 support level.
EUR/USD
EUR/USD closed below the 1.0900 support level last week and is under threat of further weakness below the 1.0800 support level. Despite the bearish situation, the pair opened higher above the 1.0900 level. If the price continues its bullish movement then it will need a close above 1.1120 – 1.1185 to confirm a bullish reversal.
Today’s critical levels to watch:
Support: 1.0900, 1.0800
Resistance: 1.1000, 1.1120, 1.1185
GBP/USD
GBP/USD pushed lower and tested the 1.3000 support level last week. The pair currently show bounce reactions from the support level but mostly continues moving inside the previous Friday range. If a bullish bounce happens and is followed by a close above 1.3300 – 1.3330 then a double bottom pattern is confirmed.
However, if a bearish breakout and a close below 1.3000 happen then the trend will continue bearish.
Today Critical level to watch:
Support: 1.3000
Resistance: 1.3125, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY continues the upward movement and prints a new higher swing high today. The pair trend has not changed yet and traders will continue waiting for a bearish correction to enter long positions at better levels. Without a bearish correction, traders who have long positions will continue to hold the positions for now while traders who have no positions will continue to stay sideline.
Today’s critical levels to watch:
Support: 125.00, 120.00
Resistance: 126.00
AUD/USD
AUD/USD breakout above the orange box area and formed a higher swing high. The pair then start moving lower back inside the orange box area again. At the end of the week, the pair closed near the bottom of the orange box area. At the current time, the pair maintain the level near the bottom of the orange box area.
If the pair could bounce from the level then consolidation might happen inside the box and eventually a bullish breakout above it.
Today critical levels to watch:
Support: 0.7450
Resistance: 0.7500, 0.7550, 0.7640, 0.7690