USDX (USD Index)
The U.S. dollar index maintains its bullish pressure but is contained within the previous day’s range. The index might continue the bullish movement to reach the 103.50 level and the daily SMA 200. At the current time, traders will wait near both resistance levels for bearish confirmation. When the index forms a major bearish reaction, traders could enter short positions in the U.S. dollar pair.
EUR/USD
EUR/USD extended the bearish movement below 1.0900 and now will target the daily SMA 200. The pair’s bearish correction continues and traders will wait for bullish reactions near the support levels. When there is a major bullish reaction, traders could enter long positions, expecting the start of the new bullish trend. However, if the pair resumes the bearish movement below the daily SMA 200 and prints a new lower swing low, the situation could turn bearish for the medium-long term.
Today’s critical levels to watch:
Support: 1.0900, 1.0800
Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD stuck near the 1.3050 level after the bearish pressure and currently attempting to bounce upward. The pair is trading inside the 1.3050 – 1.3125 area now but it might resume the bearish movement toward 1.3000. If the pair breaks lower then it will target the daily SMA 200. No change to the bullish outlook, traders will wait near the 1.3000 and daily SMA 200 for a chance to add more long positions.
Today’s critical levels to watch:
Support: 1.3050, 1.3000
Resistance: 1.3250, 1.3300, 1.3450
USD/JPY
USD/JPY reached the 150.00 level and showed bearish rejection. The pair looks trading lower but maintains the positions inside the previous day’s range. If the pair resumes the bullish movement then traders could wait near the daily SMA 200 for bearish reactions. When the pair forms a major bearish reaction, traders could enter short positions targeting a new lower swing low.
Today’s critical levels to watch:
Support: 147.00, 145.00, 142.00, 141.00
Resistance: 150.00, 155.00
AUD/USD
AUD/USD is under bearish pressure today but continues trading within the 0.6700 – 0.6750 area. The pair might continue consolidating inside the area now. If the pair resumes the bearish movement toward daily SMA 200 then traders could use it as a chance to add more long positions. In the long-term we still think the pair will continue the bullish trend and target a new higher swing high.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000