USDX (USD Index)
U.S dollar index bearish pressure managed to push the index down and reach the 105.50 level. The index immediately bounce from the level but made a bearish close. This week, the index might continue the bearish movement to test the 105.00 – 105.50 area. Traders will monitor the index reactions near the area. If the index could bounce with strong bullish reactions then we are set for a long-term bullish continuation.
EUR/USD
EUR/USD has not reached the 1.0339 resistance level yet. The pair mostly trading sideways below the level and will wait for further development. We still think the pair will resume the bearish movement to target the level below parity. However, a close above 1.0339 will delay the bearish outlook and open the chance for a bullish correction toward 1.0650.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD climbed above the 1.2200 resistance level last week. However, there is no close outside of the 1.2000 – 1.2200 area which means the pair might continue the ranging movement inside the area this week. Traders will wait for a breakout and close outside of the range to confirm the next direction.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY continues the bearish correction and soon will reach the previous swing low. Traders will monitor closely the pair reactions near the level. If the pair could maintain the positions and bounce with strong bullish reactions then the bullish trend is set to continue. On the other hand, a breakout and close below the level will confirm a medium-term bearish continuation.
Today’s critical levels to watch:
Support: 131.47
Resistance: 135.00, 135.19
AUD/USD
AUD/USD made a bullish attempt toward the 0.7000 resistance level last week. No close above the level which means no breakout above the resistance level yet. If the pair get rejected from the 0.7000 level then traders will expect a bearish continuation to target a new lower low. However, a close above 0.7000 will open the path toward 0.7160 and the daily SMA 200.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300