USDX (USD Index)
U.S dollar index starts a bullish correction but the upward movement has lost momentum and there is a bearish movement today. We expect the index to continue the bearish movement to target the 100.00 support level. Traders could use each bullish movement in the index as a chance to enter short positions near the resistance level. However, if the index failed to print a new lower low and prints a new higher high instead then traders will continue observing.
EUR/USD
EUR/USD is building more bullish pressure above the 1.0800 level and will attempt to extend the upward movement toward the 1.0900 and 1.1000 resistance levels. A close above 1.1000 will confirm a long-term bullish continuation. On the other hand, if the pair moves lower and print a new lower low then the trend will turn bearish once again.
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 hovering above the 1.2000 – 1.2200 area and is expected to continue the upward movement. On the upside, 1.2625 and 1.2800 are the bullish targets. As long as the pair stays above the 1.2000 – 1.2200 area and the daily SMA 200 then the bullish trend will continue. However, if the pair makes a close below the daily SMA 200 and 1.2000 then the trend will turn bearish again.
Today’s critical levels to watch:
Support: 1.2100, 1.2000, 1.1450
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY is trading near the green box area and might continue the bearish movement to target a new lower low. At the current time, traders will monitor the pair reactions near the area. The next higher high or lower low will confirm the pair’s medium-long-term direction. We think the bearish scenario might have a higher chance to play out.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD got rejected from the 0.6700 – 0.6750 area but no major bearish continuation yet. The pair continue trading near the area and will attempt to breakout and close above the daily SMA 200. A close above the area and daily SMA 200 will confirm a bullish continuation. On the other hand, major bearish reactions could bring the pair down to target the 0.6500 support level.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000