USDX (USD Index)
The bearish pressure on the U.S. dollar index managed to print a close below 112.00. No change to the bearish trend in the index as we expect more continuation in the upcoming rate cut by the Fed. If a bullish bounce happens then traders could use it as a chance to enter short positions near the resistance level. On the lower side, 100.00 will become the bearish target to watch next.
EUR/USD
EUR/USD extend the bullish movement above the 1.1000 resistance level. The pair is getting near the 1.1120 – 1.1185 resistance levels. A bearish correction might happen after the test on the resistance level. If a bearish correction happens then traders could use the 1.1000 support level as a place to 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 bullish movement reached the 1.3000 resistance level and it might attempt to break out above the 1.3050. At the current time, traders will monitor the pair reactions near the 1.3000 – 1.3050 area. If the pair gets rejected and starts moving lower then traders could use it as a chance to enter long positions at a lower level.
Today’s critical levels to watch:
Support: 1.2800, 1.2625
Resistance: 1.3000, 1.3050
USD/JPY
USD/JPY pushed lower with moderate bearish momentum which might confirm the bearish continuation. However, the pair attempted to maintain the positions and bounce from the 145.00 level. The pair need to print a new lower swing low to confirm the continuation of a bearish trend. On the upside, as long as there is no close above the daily SMA 200 or 151.80, the bearish trend will continue.
Today’s critical levels to watch:
Support: 145.00, 142.00, 141.00
Resistance: 147.00, 150.00, 155.00
AUD/USD
AUD/USD climbed and closed above 0.6700 yesterday. The pair might continue the upward movement and break above 0.6750 next. As the trend turned bullish, it is better to wait for a bearish correction in the pair for a chance to enter long positions. At the current time, 0.6700 will become a support level to watch for a bounce reaction.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000