USDX (USD Index)
U.S dollar index made a bullish close yesterday but not a significant bullish closer. The index is on the path lower toward the 100.00 handle. If the index could continue the bullish correction movement then traders could wait near 102.00 for bearish reactions. Traders could enter more short positions in the U.S. dollar when there is a bearish rejection from the resistance level.
EUR/USD
EUR/USD was slightly lower after it reached the 1.1185 resistance level. The pair currently trading inside the 1.1120 – 1.1185 area and it might turn lower now. Traders will monitor the pair reactions inside the 1.1120 – 1.1185 area. If the pair continues moving lower then the 1.1000 is the support level 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 managed to reach the 1.3250 resistance level today and there is slight rejection. The pair might start a bearish correction after the test with 1.3000 – 1.3050 as a bearish target. Traders will wait near the support level for a chance to add more long positions at a lower level. At the current time, traders who have long positions could start to take partial profit and protect positions with a stop order at break even.
Today’s critical levels to watch:
Support: 1.3125, 1.3050, 1.3000
Resistance: 1.3250
USD/JPY
USD/JPY attempting to return above the 145.00 level but it gets rejected. The pair might resume the bearish trend to target 141.00, 139.30, and 137.70. Traders will continue to stick with short positions and aim to add more short positions near the resistance level when a bullish correction happens. On the upside, a close above the daily SMA 200 could turn the trend bullish.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00, 155.00
AUD/USD
AUD/USD is not far from the 0.6820 resistance level after the major bullish movement. The pair might consolidate near the 0.6750 – 0.6820 area for now. If the pair turns lower then 0.6700 is the major support level to watch. A close below the level could trigger bearish continuation to target the daily SMA 200.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500
Resistance: 0.6820, 0.7000