USDX (USD Index)
U.S dollar index made another lower low yesterday and on track toward the 97.43 level. There is no change to the bearish situation of the index. A bullish correction might happen where the index attempt to move upward to reach 100.00. When the index reach 100.00 and form bearish reactions, it is chance for traders to add short positions in U.S dollar.
EUR/USD
EUR/USD has reached the 1.1500 and 1.1580 resistance level yesterday. The pair shown slight weakness today and might start a bearish pullback. If the pair start moving lower, then traders will observe the reactions near 1.1300 – 1.1360 area for bounce reactions. We still expect the pair to continue the bullish trend and target higher resistance level at least until there is a change in U.S. situation.
Today’s critical levels to watch:
Support: 1.1360, 1.1300, 1.1185
Resistance: 1.1500, 1.1580
GBP/USD
GBP/USD made 10 consecutive bullish closes on the daily chart, and it seems will continue the bullish streak. On the upside, the pair will target 1.3450 and 1.3500 resistance level. If the pair start a bearish correction, then traders will wait near 1.3250, 1.3000 – 1.3125 area for bullish reactions. When there are bullish reactions, traders could enter long positions.
Today’s critical levels to watch:
Support: 1.3150, 1.3050, 1.3000
Resistance: 1.3250
USD/JPY
USD/JPY fell below 142.00 support level and has tested 140.00 level today. The pair might continue the bearish movement and target the 138.00 level. If the pair start a bullish correction, then 142.00 – 143.00 is the area to watch for bearish reaction to add more short positions. On the higher level, 146.50 is the better place to enter short positions if bullish correction overshoot.
Today’s critical levels to watch:
Support: 140.00, 138.00
Resistance: 142.00, 145.00, 149.20, 150.00
AUD/USD
AUD/USD has climbed above the triangle pattern and show weakness today. It is a normal situation as the pair has been bullish since the 0.6000 bounce. On the upside, the pair will target the daily SMA 200 and the 0.6500 level. As mentioned before, a close above daily SMA 200 will turn the trend bullish for medium-long term.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700