USDX (USD Index)
U.S dollar index made a weak bullish attempt today and it looks like will close the day near the opening level. The index situation is mostly sideways for now and it might continue until the end of week. Traders are awaiting the Fed Jerome Powell speech. The latest release of FOMC minutes of meeting show caution on the inflation & labor market which become the reason to further delay rate-cut.
If the index start moving upward again, then it might target the 100.00 level for retest.
EUR/USD
EUR/USD continue consolidating between 1.1580 – 1.1710. No change to the situation, the pair might bounce up and down inside the range for now. When the pair breakout and close outside of the range, traders will get confirmation on the next direction. Under current situation, it is better to stay sideline.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD turn lower and reached the 1.3450 level. The pair will test the support level and attempt to breakout from 1.3450 – 1.3600 range. If the pair breakout lower, then it might continue downward to target daily SMA 200 for retest. On the upside, a close above 1.3600 is the bullish continuation confirmation.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY mostly sideways and currently under bearish pressure. As the major news will happen on Friday, the pair might continue trading sideways until the weekly close. Nothing changed, we still expect the pair to continue the bearish movement after the massive bearish candlestick. However, if the pair start moving upward and close above the green box area then the bearish outlook canceled.
Today’s critical levels to watch:
Support: 145.00, 142.00,
Resistance: 149.20, 150.00, 151.00
AUD/USD
AUD/USD extended the bearish movement and on the path to target daily SMA 200. Traders will wait near the daily SMA 200 or the trend line for bullish reactions. When there is bullish reaction, traders could enter long positions. However, a close below 0.6350 might become s strong alarm that the trend has shifted to bearish again.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700