USDX (USD Index)
U.S dollar index is on the path lower toward the 100.00 – 100.30 area. The index is in a bearish correction phase and traders will wait for a test on the support area. If the index could maintain the position above the area and form a major bullish reaction then traders could enter long positions in the U.S dollar.
EUR/USD
EUR/USD climbed and close above the 1.0650 resistance level. There is a bullish continuation in today’s trading session. On the upside, the pair could continue moving upward and target the 1.1000 resistance level. As the trend is bearish, traders will wait for a bearish reaction near the resistance levels for a chance to enter short positions.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000
Resistance: 1.0800, 1.0900
GBP/USD
GBP/USD extend the bullish movement and closed near the 1.2625 resistance level. There is no bullish continuation in today’s trading session. The pair move lower instead but maintains the position inside the previous day’s range. If the pair closed above 1.2625 then traders could expect a continuation toward the 1.2800 and 1.3000 resistance levels.
Short positions could be considered near the resistance levels when there is a major bearish reaction.
Today Critical level to watch:
Support: 1.2500, 1.2400, 1.2200, 1.2100, 1.2000
Resistance: 1.2625, 1.3000
USD/JPY
USD/JPY finally breakout lower and is set to continue the bearish movement. On the lower side, the pair is expected to target the trendline and the blue box area. Traders will continue to monitor the pair reaction near the support levels for a chance to enter long positions. It is better to avoid short positions as the trend is bullish.
Today’s critical levels to watch:
Support: 126.00, 125.00, 120.00
Resistance: 130.00
AUD/USD
AUD/USD continues the upward movement and gets near the 0.7160 resistance level. If the pair could breakout above the level then traders will expect a continuation toward the daily SMA 200. When there is a major bearish reaction from the resistance levels, traders could enter short positions with 0.70000 as the initial target.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160