USDX (USD Index)
U.S dollar index continues the upward movement and is set to test the 102.00 level. If the index could breakout higher then it will continue toward the 103.50 and the daily SMA 200. We still expect the index will get rejected and form a major bearish reversal pattern. When the index forms a bearish pattern then traders could add short positions in the U.S. dollar.
EUR/USD
EUR/USD bearish correction continues with the 1.1000 as target. The pair’s current bearish correction is a healthy correction which means traders will continue to use it as a chance to add long positions. When there are bullish reactions from the 1.1000 level or 1.0900 then traders will get confirmation to get into positions.
Today’s critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is currently supported by the 1.3125 support level but it might continue the bearish movement toward the 1.3000 – 1.3050 area. The pair is expected to bounce from the area and resume the bullish trend. However, if the pair continues the bearish movement then traders could use 1.2800 and daily SMA 200 as places to add long positions.
Today’s critical levels to watch:
Support: 1.3125, 1.3050, 1.3000
Resistance: 1.3250
USD/JPY
USD/JPY got rejected from the 147.00 level and erased yesterday’s gain. The pair might continue lower to test the 145.00 support level. At the current time, the pair is trading inside the 145.00 – 147.00 area and traders will wait for a close outside of the area. If the pair continue the bullish correction then the daily SMA 200 and 150.00 could become the bullish target.
Today’s critical levels to watch:
Support: 145.00, 142.00, 141.00
Resistance: 147.00, 150.00, 155.00
AUD/USD
AUD/USD pushed lower below the 0.6750 support level with moderate bearish momentum. The pair situation looks bearish but we might see a close inside the 0.6750 – 0.6820 area at the end of the day. Traders will continue to monitor the pair movement inside the area. If the pair could extend the bearish movement toward 0.6700 then traders could use it as a chance to enter long positions.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500
Resistance: 0.6820, 0.7000