USDX (USD Index)
U.S dollar index turned lower again after yesterday’s bullish close. It seems the market is in a stalemate for now before the release of NFP data this week. The index could continue the bearish movement to target 97.43. Alternatively, it also could turn upward, retesting the 100.00 level and print a new higher swing high to reverse the bearish trend. At the current time, it might be better to wait for bullish correction to add short positions near resistance level in U.S. dollar.
EUR/USD
EUR/USD bounced from the 1.1300 – 1.1360 support area again today. The pair trading upward but stay inside the Monday’s range. No conclusion yet on the next movement of the pair. However, we maintain bullish outlook on the pair and expect upward continuation to target 1.1580 and higher. If the pair turn lower before printing a new higher swing high, then there is risk of bearish movement to target 1.1000.
Today’s critical levels to watch:
Support: 1.1360, 1.1300, 1.1185, 1.1000
Resistance: 1.1500, 1.1580
GBP/USD
GBP/USD continue the bullish movement and soon will reach the 1.3600 level. The pair is currently trading inside the 1.3450 – 1.3600 area and will attempt to breakout from it. On the upside, if bullish breakout happen, then 1.3835 and 1.4000 will become the bullish target to watch. On the lower side, 1.3250 could become the bearish target to watch.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600
USD/JPY
USD/JPY turned lower again, erasing previous’s day gain. The pair might continue the bearish movement to target 142.00 support level. If bearish breakout happen below 142.00, then the pair could continue lower to target 140.00 and 138.00. On the upside, 145.00 is the major resistance level to watch.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD retesting the 0.6500 resistance level again today and looks will attempt to breakout higher. However, a breakout before this week Non-farm employment data release might turn into a fake out. So, traders better wait and see for now. After the news release or weekly closing level, we will get confirmation on the pair next direction.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700