USDX (USD Index)
U.S dollar index has reached the level near 110.00 and closed near it yesterday. The bearish pressure stopped today and there is a bullish reaction. If the index could maintain the bullish pressure and build upward momentum then the bullish trend will continue. At the current time, traders could consider entering long positions in the U.S dollar with a stop below the previous swing low.
EUR/USD
EUR/USD trading upward and closed near the parity level. The pair showed a bearish reaction in today’s trading session which might indicate a bearish reversal. If the bearish pressure gains more momentum then traders could enter short positions with 0.9500 or lower as bearish targets.
Today’s critical levels to watch:
Support: 0.9500
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD closed near the 1.1450 targets yesterday. The pair showed a bearish reaction in today’s trading session which is expected. If the pair could continue moving lower and close below yesterday’s low then the bearish trend is set to continue. At the current time, traders will wait for further reactions. If the pair moves upward and close above 1.1450 again then there is a chance of a bullish continuation toward 1.2000 – 1.2200.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1450, 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY has not shown any major reactions near the top. The consolidation is expected to continue with a bullish bias. Traders will continue waiting for the pair to make a bearish correction to enter long positions at a lower level. Shorting near the current level might have good risk reward but traders must place a tight stop above the previous swing high.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance: 150.00
AUD/USD
AUD/USD stick near the 0.6500 level. The pair will continue consolidating near the current level and the weekly low. No clue yet on the pair’s next direction, traders will wait for a close above 0.6500 or below the weekly low to confirm the next direction. A new lower low is a bearish continuation confirmation.
Today’s critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000, 0.7160, 0.7300