USDX (USD Index)
U.S dollar index mostly bearish and there is bullish reversal sign yet. The index might resume the weakness to target the 93.97 level next. There is chance that the index consolidating near the 97.43 level before continuing the bearish movement. Under the current situation, traders will use each bullish correction in the index as a chance to enter short positions in the U.S. dollar pair.
EUR/USD
EUR/USD has reached the 1.1710 resistance level and might attempt to extend the bullish movement to target 1.1820 next. If the pair start a bearish correction, then traders could wait near the 1.1500 – 1.1580 area for bullish reactions. We expect the pair to continue its bullish movement as the U.S. dollar index trending lower.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD rallying from below 1.3450 last week and might extend the bullish movement toward 1.3835 and the 1.4000 resistance levels this week. We maintain the bullish outlook as long as the pair continue printing new higher swing high and higher swing low. When the pair started a bearish correction, 1.3600 will become the support level to watch for bounce reactions.
Today’s critical levels to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300
Resistance: 1.3800, 1.4000
USD/JPY
USD/JPY closed inside the 142.00 – 145.00 range again and might consolidate between 142.00 – 145.00 before confirming next direction. We expect the pair to resume the bearish movement and target 140.00 also 138.00 in the medium-long term. On the upside, a close above the green box area will cancel the bearish outlook. Traders could use the 145.00 level to enter short positions with a stop above the latest swing high.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD printed new higher high and closed the week above 0.6500. The pair bounce from the daily SMA 200 might become the confirmation of bullish continuation. We expect the pair to continue the bullish trend to target 0.6700 – 0.6750 area. On the lower side, if the pair close below 0.6350 or the green box area, then the trend will turn bearish.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700