USDX (USD Index)
U.S dollar index made a bearish close, but there is no bearish continuation. The index might stall for a while, but eventually continue the bearish trend. There is no higher swing high printed on the chart as the index stay inside the bearish structure. Traders will continue to use bullish correction in the index as a chance to enter short positions in U.S. dollar.
EUR/USD
EUR/USD moving upward and retesting the 1.1820 level now. The pair might break out and continue the bullish trend to print a new higher swing high. On the upside, 1.2000 is the bullish target to watch. On the lower side, 1.1710 and the trend line will become the major support level to watch.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820
GBP/USD
GBP/USD bounced from the 1.3450 support level and looks attempting to move upward. The pair has returned inside the 1.3450 – 1.3600 area and might continue to consolidate between it for now. Nevertheless, we expect the pair to resume the bullish trend to target a new higher swing high. On the lower side, 1.3250 and the daily SMA 200 are the major support levels to watch.
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 turn lower before it could touch the daily SMA 200. The pair resume the bearish movement and form new lower swing high which mean there is no change to the bearish trend. Though slow, as long as the pair continue printing new lower swing high and lower swing low, the trend will continue bearish. On the upside, a close above the green box area will cancel the bearish outlook.
Today’s critical levels to watch:
Support: 145.00, 142.00,
Resistance: 149.20, 150.00, 151.00
AUD/USD
AUD/USD is supported by the green box area but no strong bounce from it yet. The pair might continue to consolidate near the area for now and traders will wait for bullish reaction. If the pair could bounce upward with strong bullish momentum, then the bullish trend will continue. On the lower side, a close below 0.6500 could become a sign that the trend has changed.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700