USDX (USD Index)
U.S dollar index made a bearish close yesterday which signal further weakness to target the 97.43 level and lower. The index slightly higher today but stay inside previous day’s range. When the bullish pressure diminish, we might see bearish continuation in the index. Traders will continue short the U.S. dollar as long as the index stay below the 100.00 level.
EUR/USD
EUR/USD bounced from the 1.1300 – 1.1360 area and now looking to extend the bullish movement to retest 1.1500 and 1.1580 levels. The pair might extend the bullish movement to target the 1.1710 and 1.1820 levels. However, if the pair pushed lower and close below 1.1300 then it might continue lower to retest 1.1120 – 1.1185 and 1.1000 levels.
Today’s critical levels to watch:
Support: 1.1360, 1.1300, 1.1185
Resistance: 1.1500, 1.1580
GBP/USD
GBP/USD closed near the 1.3450 resistance level with full bullish candlestick which show strong bullish pressure. The pair has high chance to continue the bullish movement and breakout above 1.3450 resistance level. On the upside, 1.3500 and 1.3600 will become the targets to watch. If the pair turn lower and close below 1.3250 then the situation could turn bearish for short-term.
Today’s critical levels to watch:
Support: 1.3250, 1.3150, 1.3050, 1.3000
Resistance: 1.3300, 1.3330
USD/JPY
USD/JPY bearish rejection made a close near the 142.00 support level. There is no bearish follow-through yet today, but we might see a breakout below the level. On the lower side, the pair will target 140.00, 139.00 and 138.00. As the overall sentiment is bearish for U.S. dollar index, it might be a high odd situation for short positions unless major change happen in tariff war or U.S. interest-rate.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD attempted to continue the bullish movement toward 0.6500 and daily SMA 200. There is slight bearish rejection today, but not a major one. We still expect the pair to continue the bullish movement and test the resistance level. When the pair closed above daily SMA 200 and 0.6500, the long-term trend will turn bullish.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700