USDX (USD Index)
The bullish reaction of the index last week lost bullish pressure and now the index seems trading below last week’s low. If the index continues the bearish movement then 100.00 will become the support level to watch. On the other hand, if the index prints a close above 103.82 with strong bullish momentum after this week’s FOMC meeting then we might see further upside in the index.
EUR/USD
EUR/USD returned above the 1.0650 level and continue trading upward. The pair will attempt to erase all of the losses incurred last week and resume the bullish movement toward the 1.0800, 1.0900, and 1.1000 resistance levels. Meanwhile, traders who have long positions will continue to hold the positions with a stop below the previous week’s low or 1.0339.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000, 0.9500
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD continues pressuring the 1.2200 resistance level and currently trading above it. The pair will attempt to close above 1.2200 with strong bullish momentum. If the pair could close above the level and maintain the position until the close of the week then the bullish movement could continue toward 1.2625 and 1.2800. On the other hand, a close below 1.2200 will become a confirmation of further consolidation between 1.2000 – 1.2200.
Today’s critical levels to watch:
Support: 1.2100, 1.2000, 1.1450
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY reached the green box area and will wait for further reactions from the area. If the pair close below the area with strong bearish momentum then the bearish trend will continue. However, if the pair could bounce with strong bullish reactions then it will target the daily SMA 200 again.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD moving toward the 0.6700 – 0.6750 area and the daily SMA 200. The pair will test the area and the averages to confirm the next direction. If the pair could close above both levels then the bullish trend could continue. On the other hand, if the pair get rejected with strong bearish reactions then we might see a continuation toward 0.6500.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000