USDX (USD Index)
U.S dollar index finally started a bearish correction in today’s trading session. The index seems will move toward the 110.00 bearish targets and test it. If the index could bounce and print another higher low then the bullish trend will continue. On the other hand, if the index prints a new lower low then there is a chance of a long-term bearish reversal.
EUR/USD
EUR/USD trading upward and getting near the parity level. The pair will test the parity level and traders will monitor the reaction. If the pair breakout and closes above it then it is set to continue the upward movement toward 1.0339. On the other hand, if the pair get rejected with strong bearish reactions then the bearish trend will continue.
Today’s critical levels to watch:
Support: 0.9500
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD pressuring to the upside and will attempt to breakout above the 1.1450 resistance level. If the pair close above 1.1450 then it will continue the bullish movement toward 1.2000 – 1.2200. On the other hand, bearish rejection might confirm bearish continuation to target 1.0500 and parity level.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1450, 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY reverse the bearish pressure and closed the day on the bullish side yesterday. The pair continue to maintain the position near the 150.00 level. There is bearish pressure today from the resistance level. Will it become a new bearish leg to target the 139.30 – 140.00 area? Traders could use the moment to take speculative short positions with a 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 trading upward today and might continue the bullish movement to target the 0.6500 and 0.6700 resistance levels. Under the current situation where the U.S dollar index started a bearish correction, traders will wait near the resistance level for a chance to enter short positions.
Today’s critical levels to watch:
Support: 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000