USDX (USD Index)
The U.S dollar index continues trading above the 100.00 handle and looks sideways. There is no major bearish sign yet which means the consolidation will continue. Traders will wait for further reactions near the level for now. When the index resumes the bearish movement and closes below 100.00, the trend will continue. On the upside, if the index manages to bounce upward then 102.00 will become the bullish target.
EUR/USD
EUR/USD showed bearish rejection from the 1.1185 resistance level and currently trading below the opening level. The pair continue limited between the 1.1120 – 1.1185 area and traders will continue waiting for a breakout from the area. When the pair breaks out and closes outside of the area, traders will get confirmation on the next direction.
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 hanging just below the 1.3450 resistance level with a bullish outlook. The pair might extend the bullish movement and test the resistance level. However, a bearish correction might happen to test the 1.3250, 1.3300, and 1.3330 areas too. Traders could continue to hold long positions while expecting a breakout above 1.3450. If the pair starts another bearish correction then traders could use it as a chance to add long positions at a lower level.
Today’s critical levels to watch:
Support: 1.3300, 1.3250
Resistance: 1.3450
USD/JPY
USD/JPY has printed a bearish reaction from the Fibonacci Retracement level which confirms the continuation of a bearish trend. However, there is no bearish continuation today as the pair attempts to recoup losses that happened last week. We think the pair will resume the bearish movement to target a new lower swing low on the chart. Traders better hold short positions and wait for a chance to add more short positions at a higher level.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00, 155.00
AUD/USD
AUD/USD attempts to continue the bullish movement toward the 0.7000 resistance level. The pair have confirmed the bullish trend above 0.6820. A quick retest happened and the pair managed to bounce from 0.6820 level. If the pair turns lower again to retest the level then traders could use it as a chance to add more long positions.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500
Resistance: 0.6820, 0.7000