USDX (USD Index)
The U.S. dollar index did not continue its weakness towards 100.00 and is currently trying to strengthen. The upward movement has the potential to reach 103.50. Traders will continue to wait for the index to reach the resistance point and produce a bearish reaction for opportunities to enter short positions in the U.S. dollar. In the long term, the index is expected to continue its bearish trend toward 100.00
EUR/USD
EUR/USD was pushed back from the 1.1000 resistance point and managed to close bearish near 1.0900 at the end of last week. The pair is likely to continue its bearish correction towards 1.0800 during this week’s trading. Traders will take advantage of the bearish situation that occurs for opportunities to enter long positions. As long as the pair continues to form higher swing highs and higher swing lows, the trend will continue to be bullish.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0339
Resistance: 1.0900, 1.1000
GBP/USD
GBP/USD experienced rejection from point 1.2800 and started a bearish movement. The current bearish correction could reach 1.2625 and provide an opportunity for traders to enter long positions. When the pair produces a bullish reaction near 1.2625, traders can consider entering long positions. The bullish target above 1.2800 is 1.3000.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100
Resistance: 1.2800
USD/JPY
USD/JPY continues its bullish movement and will aim at 145.00 also 147.00. There is no indication of weakness in the pair so traders should still avoid short positions. When the pair reaches 145.00 or 147.00 and produces a bearish reaction, traders can consider entering short positions. On the downside, 141.00 is a place where traders may consider going long when a bearish correction could reach it.
Today’s critical levels to watch:
Support: 141.00, 140.00, 139.30, 137.70, 133.00
Resistance: 145.00, 147.00
AUD/USD
AUD/USD make a bearish close with strong momentum at the end of last week. The pair closed near its 200 SMA and will be waiting for further reaction. If the pair can bounce strongly from the SMA 200 point then the bullish movement can continue. Stops can be placed below the previous swing low.
Today’s critical levels to watch:
Support: 0.6700, 0.6500, 0.6000
Resistance: 0.6750, 0.6820, 0.7000