USDX (USD Index)
U.S dollar index maintained the position above the 105.00 support level and currently building more bullish pressure. If the index could continue to add more bullish pressure and print a new higher high then the bullish trend is set to continue. On the other hand, a bearish pressure and close below 105.00 will cancel the bullish outlook.
EUR/USD
EUR/USD got rejected from the 1.0339 resistance level as expected. The pair started moving lower and set to continue the bearish trend. We expect the pair to move lower and test the level below parity. However, if the pair reverse the current direction and closed above 1.0339 then we might see a continuation 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 stay inside the 1.2000 – 1.2200 range after the previous week’s failed breakout. The pair will continue the consolidation inside the range and traders will wait for a breakout and close outside of the range. Under the current situation, we favor a bearish breakout as the U.S dollar index has shown a bullish bounce reaction.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY slightly upward after the support level test. No lower low is printed on the chart which means the bullish trend is maintained. If the pair continues upward and print a new higher high then we will have confirmation for the continuation of the bullish trend. On the other hand, further weakness to print a lower low will cancel the bullish outlook.
Today’s critical levels to watch:
Support: 131.47
Resistance: 135.00, 135.19
AUD/USD
AUD/USD shows bearish rejection from the level near 0.7160 and daily SMA 200. No touch on both resistance levels but the bearish trend might have started. If the pair managed to climb and close above both resistances levels then the bearish trend will be canceled. Traders could use both levels as places to enter short positions.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300