USDX (USD Index)
The U.S. dollar index has been confirmed to continue its decline toward the 100.00 level. Last week the index has fallen sharply and this week traders will be waiting for the continuation of the decline. In the previous bullish attempt, the index formed a lower swing high, so the situation is currently favorable for bear traders. As long as the index can form a lower swing low, then the bearish trend will continue.
EUR/USD
EUR/USD made a close above 1.0900 and is expected to continue strengthening towards 1.1000 or higher. At the moment the pair looks a little weak and will test the 1.0900 point. Traders will use the current bearish correction to add more long positions and target new higher swing highs. As long as there is no dip below 1.0650 and a close below the SMA 200 then the trend can continue bullish.
Today’s critical levels to watch:
Support: 1.0650, 1.0339
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD made a close above the 1.2800 mark and has also hit the second target of the current advance. The pair has a chance to continue strengthening towards 1.3000 either with a bearish correction or not. Traders will wait for a bearish correction for opportunities to enter long positions. Currently, the 1.2625 level is a place where traders consider long positions in case of a bearish correction.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100
Resistance: 1.2800
USD/JPY
USD/JPY surged with strong bullish momentum at the end of last week and formed a higher swing high. The pair will continue its strengthening towards the next resistance level. When a bearish correction occurs, it is an opportunity for traders to enter more long positions.
Today’s critical levels to watch:
Support: 140.00, 139.30, 137.70, 133.00
Resistance: 145.00, 147.00
AUD/USD
AUD/USD has confirmed the trend change from bearish to bullish by forming a higher swing high above the daily SMA 200. The pair can now continue its bullish trend or make a bearish correction up to 0.6750. Traders will take advantage of the opportunity to enter long positions if a bearish correction occurs and reaches support points.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000