USDX (USD Index)
The bearish correction of the U.S dollar index has reached the target area and finally shows a bullish reaction today. If the index could maintain the bullish pressure and close the day above yesterday’s high then we might see a bullish continuation next. However, the release of U.S job data at the end of the week might trigger volatility in the market. We might need to observe the weekly closing level to determine the next direction.
EUR/USD
EUR/USD attempted to continue the bullish movement toward 1.0339. However, the pair experience a bearish reversal and currently trading below the opening level. If the price continues the bearish movement then we might finally see a downward movement to test the level below parity.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD closed above the 1.2200 resistance level which means a bullish confirmation. However, there is no continuation of upward movement yet and the pair currently retesting the 1.2200 level. If the pair make a bearish close below 1.2200 then we might see further ranging movement between 1.2000 – 1.2200.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY fell and printed a new lower low on the chart. The pair has reached 131.47 and show a bullish reaction. We might see a bullish pin bar pattern formed at the end of the day. If the pair could bounce from the 131.47 level then traders will prepare for the continuation of the long-term bullish trend.
Today’s critical levels to watch:
Support: 131.47
Resistance: 135.00, 135.19
AUD/USD
AUD/USD closed above the 0.7000 resistance level which open the path toward 0.7160 and the daily SMA 200. However, the pair is currently under bearish pressure and fall below 0.7000 again. A close below 0.7000 and followed by a bearish continuation will confirm further weakness to target the level below 0.6700.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300