USDX (USD Index)
U.S dollar index resumed the bearish movement last week and printed a bearish close in the Friday session. The index seems to continue to show weakness and target the 102.00 support level. As mentioned, the index currently trades between 102.00 – 103.50 and might consolidate inside it until the next FOMC meeting. If the index closes below 102.00 with strong bearish momentum then the bearish trend will immediately continue.
EUR/USD
EUR/USD made a bullish close above 1.1000 with moderate momentum. The pair might extend the upward movement this week and print a new higher swing high to continue the bullish trend. However, if a bearish reversal happens and the pair falls below 1.1000 then there is a chance of correction toward 1.0900. Under the current situation, traders will monitor the pair reactions near 1.1000 for bullish reactions. When there is bullish reactions, traders could enter long positions.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0500
Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD launched upward after testing the 1.2800 support level. The pair moving upward with strong bullish momentum and might reach 1.3000 this week. Traders will observe the pair reactions near the 1.3000 – 1.3050 area. If the pair could climb and close above the area then the bullish trend will continue. The pair might also consolidate near the area until decisive movement happens.
Today’s critical levels to watch:
Support: 1.2800, 1.2625
Resistance: 1.3000, 1.3050
USD/JPY
USD/JPY reversed its direction before it could reach the 150.00 resistance level. The pair might resume the bearish trend this week and attempt to move below 145.00. If the pair could move lower than 145.00 then the bearish continuation will be confirmed. On the upside, if the pair could continue the bullish movement then 150.00 and 151.80, or daily SMA 200 are the targets to watch.
Today’s critical levels to watch:
Support: 145.00, 142.00, 141.00
Resistance: 147.00, 150.00, 155.00
AUD/USD
AUD/USD launched upward after the test on the daily SMA 200. The pair have confirmed the continuation of bullish movement and will target the 0.6700, 0.6750, and previous swing high. A new higher swing high will become a major bullish confirmation for the pair. However, if the pair reversed downward without printing a new higher swing high then there is a risk of bearish continuation.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000