USDX (USD Index)
U.S dollar index is supported by the 100.67 level, but no strong upward bounce seen. The index might continue trading sideways for now while attempting to extend the bullish movement. On the upside, 103.00 – 103.74 could become the bullish target to watch. Meanwhile, a breakout and close below 100.00 will become confirmation of bearish continuation.
EUR/USD
EUR/USD stay limited below the 1.1185 level and might consolidate between 1.1120 – 1.1185 for now. If the pair extended the bearish correction, then it will target 1.1000 support level next. Traders will use the bearish correction as a chance to add more long positions at a lower level. On the lower side, daily SMA 200 could become the final target of the bearish correction.
Today’s critical levels to watch:
Support: 1.1000
Resistance: 1.1185, 1.1300, 1.1360, 1.1500, 1.1580
GBP/USD
GBP/USD mostly sideways near the 1.3250 support level. There is not much movement this week as the pair is set to close the week near the opening level. If the pair resume the bullish movement, then 1.3450 is the target to watch. Meanwhile, a bearish correction might target 1.3000 support level.
Today’s critical levels to watch:
Support: 1.3150, 1.3050, 1.3000
Resistance: 1.3250, 1.3300, 1.3330, 1.3450
USD/JPY
USD/JPY pushed lower today but managed to bounce from the 145.00 support level. It seems the pair will close the week above 145.00 and attempt to continue upward movement next week. On the upside, daily SMA 200 and the 150.00 resistance level will become a target to watch. As long as there is no new higher swing high printed on the chart, the pair will resume the bearish trend.
Today’s critical levels to watch:
Support: 145.00, 142.00, 140.00, 138.00
Resistance: 149.20, 150.00
AUD/USD
AUD/USD trading sideways inside the green box area or the 0.6350 – 0.6500 area. We might see sideways movement for several days or weeks until the pair breakout from the range. We still expect the pair to breakout higher and continue the bullish trend. On the lower side, a major bearish breakout with strong momentum might cancel the bullish outlook.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700