USDX (USD Index)
U.S dollar index situation turned bullish again and has 103.80 and a daily SMA 200 as an upward target. The index will attempt to move upward this month as traders follow the sell in May and go away. Traders will use the bullish correction as a chance to enter short positions in the U.S. dollar near the resistance level.
EUR/USD
EUR/USD currently undergoes bearish correction and closed below the 1.0900 level. The pair will attempt to extend the bearish movement toward the 1.0800 and 1.0650 support levels. As mentioned in the previous analysis, traders will use both levels as places to enter long positions when there are bullish reactions. On the lower side, as long as there is no lower swing low or close below the daily SMA 200, the pair could continue the bullish trend.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0339
Resistance: 1.1000
GBP/USD
GBP/USD is mostly lower and ready to start a bearish correction. On the lower side, the 1.2000 – 1.2200 area and the daily SMA 200 will become bearish targets. Traders could use the area and the averages to enter long positions when there are bullish reactions.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000, 1.1450
Resistance: 1.2625, 1.2800
USD/JPY
USD/JPY trading upward without printing a new lower low on the chart. It seems the pair will test the daily SMA 200 again. If a bullish breakout and a new higher high are printed on the chart then the pair could continue the bullish trend. On the other hand, if a bearish rejection happens then traders will observe the pair reactions near the bottom trendline and also the green box area.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD pushed lower and closed below the 0.6700 support level. The pair might continue the bearish movement to target the 0.6500 support level. However, if the pair reverse the direction and manage to close above the daily SMA 200 then a bullish continuation might happen. On the upside, the pair needs to close above 0.6820 and print a new higher high to confirm a bullish reversal.
Today’s critical levels to watch:
Support: 0.6500, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000