USDX (USD Index)
The U.S. Dollar Index (USDX) has continued its bearish movement. The index is testing the previous swing low level and will attempt to breakout below it. A breakout and close below the level will confirm continuation toward the 100.00 level. Any bullish corrections may find resistance near the daily SMA 200. A sustained move below 103.34 could open the door to further declines.
EUR/USD
EUR/USD has maintained its bullish momentum, trading above the daily SMA 200 and the 1.0800 support level. The pair is now testing the resistance zone around 1.0900. A clear break above this level could pave the way towards 1.1000. On the downside, 1.0800 and daily SMA 200 remains a key support level. Under current situation, traders could wait for bearish correction for chance to add long positions near 1.0800 and daily SMA 200.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0500, 1.0339
Resistance: 1.0900, 1.1000
GBP/USD
GBP/USD continues its ascent towards the 1.3000 resistance level. The bullish trend remains intact, with no significant obstacles in the near term. Should a bearish correction occur, traders might consider 1.2800 and the daily SMA 200 as potential entry points for long positions. We expect a bearish correction to happen after the 1.3000 test. Or the pair might consolidate near the level before eventually breakout above it.
Today’s critical levels to watch:
Support: 1.2800, 1.2625, 1.2200
Resistance: 1.3000
USD/JPY
USD/JPY has extended its bearish movement, reaching new lower lows. However, the bearish pressure receded and the pair bounce upward today. If the pair continue the bullish movement, then traders could expect an upward movement to test 149.20 and 150.00. On the lower side, is expected to continue bearish movement toward 145.00 support level, with further declines potentially targeting 142.00.
Today’s critical levels to watch:
Support: 149.20
Resistance: 150.00, 151.00, 151.80
AUD/USD
AUD/USD faced rejection near the 0.6350 resistance level, signaling potential bearish continuation. However, the downward momentum has weakened. A decisive move above 0.6350 could shift the outlook to bullish, targeting 0.6500 and the daily SMA 200. Traders could use the lower trend line to add long positions on bullish reactions.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700