USDX (USD Index)

The bearish movement of the U.S. dollar index is still ongoing with the 100.00 handles as a bearish target. Traders will continue to maintain a bearish bias on the index. However, when the index reaches the 100.00 handle we might see a bullish bounce reaction and a bullish correction. Traders will use the bullish correction move in the index as a chance to enter more short positions at a higher level. When the Fed confirms a rate cut and more cuts in the coming year then the index will continue the bearish movement.

EUR/USD

EUR/USD continues the bullish movement and has reached the 1.1185 resistance level. The pair is currently testing the level and will attempt to target 1.1300 – 1.1360 resistance levels next. When the pair undergoes a bearish correction, traders could add long positions near support levels. On the lower side, 1.1120, and 1.1000 are the levels to watch for bullish reactions.

Today’s critical levels to watch:

Support: 1.1120, 1.1000, 1.0900, 1.0800

Resistance: 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD extended the bullish movement and broke above the 1.3125 resistance level. The pair will reach the 1.3250 resistance level soon. As a new higher swing high already formed, the long-term trend will continue to be bullish. When the pair starts a bearish correction toward 1.3125 or 1.3000, traders could use it as a chance to add long positions.

Today’s critical levels to watch:

Support: 1.3125, 1.3050, 1.3000

Resistance: 1.3250

USD/JPY

USD/JPY closed below the 145.00 support level and confirmed a bearish continuation. On the lower side, the pair will first target a new lower swing low. 141.00, 139.30, and 137.70 will become the bearish targets to watch. On the upside, 150.00 and daily SMA 200 are the levels to look for short positions when the pair starts another bullish correction.

Today’s critical levels to watch:

Support: 142.00, 141.00

Resistance: 145.00, 147.00, 150.00, 155.00

AUD/USD

AUD/USD printed a bullish close above 0.6750 last week and is set to continue the bullish movement toward 0.6820. The pair is currently under bearish pressure and might move lower to retest the 0.6750 support level. Traders could wait near the 0.6700 – 0.6750 area for bullish reactions. When there are bullish reactions, traders could enter long positions.

Today’s critical levels to watch:

Support: 0.6750, 0.6700, 0.6500

Resistance: 0.6820, 0.7000