USDX (USD Index)
U.S dollar index looks stabilizing between 106.00 – 107.00. No change to the bearish outlook, with daily SMA 200 as target. However, the index has not printed a new lower swing low which mean there is chance of bullish reversal. On the upside, a close above 107.50 also new higher swing high will confirm the bullish continuation.
EUR/USD
EUR/USD could not break out above the 1.0500 with strong momentum yet. The pair is under bearish pressure now following the 25% tariff plan by Trump to EU. We might see more volatility in the market, but the pair range looks tighten. It is only a matter of time for the pair to breakout from the range. Will the pair breakout higher above the 1.0500? Alternatively, will it breakout lower to retest the 1.0339 level again?
Today’s critical levels to watch:
Support: 1.0339, 1.0200, 1.0100, 1.0000
Resistance: 1.0500, 1.0650, 1.0800
GBP/USD
GBP/USD stuck near the daily SMA 200 and the 1.2625 level for now. The pair keep consolidating between the two levels and traders will wait for breakout. The next direction of the pair will depend on the breakout direction. At the current time, it is better to wait and see. Judging from structure, it is the best place to enter short positions, but the overall situation might change if the pair could break out and close above daily SMA 200.
Today’s critical levels to watch:
Support: 1.2625, 1.2200
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY continue consolidating near the 150.00 level. No confirmation on where the pair will move next. Fundamentally, the situation support for more weakness in USD/JPY. But, technically, as long as there is no new lower swing low printed on the chart, then it is not the time to think for short positions.
Will the pair breakout immediately and continue the bearish movement? Alternatively, will it turn higher to retest 151.00 and daily SMA 200 before moving further lower?
Today’s critical levels to watch:
Support: 149.20
Resistance: 150.00, 151.00, 151.80
AUD/USD
AUD/USD has not shown bullish reactions yet as the pair pushed lower yesterday. The pair is currently trading near the previous broken swing high point. If the pair could bounce upward from the current level, then it will form a higher swing low. On the upside, 0.6500 and daily SMA 200 will become the next resistance levels to target.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700