USDX (USD Index)
U.S dollar index back under bearish pressure this week as it could not print new higher swing high. The index direction is bearish, and further weakness from the current level could restart the bearish trend. On the upside, if the index manages to move higher, then the 100.00 level will become the upside target.
EUR/USD
EUR/USD return above the 1.1710 level and might close the day inside the 1.1710 – 1.1820 area. The pair situation still bullish as there is no new lower swing low. If the pair could add more bullish pressure and breakout above 1.1820 then the bullish trend could continue. On the upside, 1.2000 – 1.2070 will become the bullish target.
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 1.3300 – 1.3333 area and look will retest the broken trend line also 1.3450 – 1.3600 area. If the pair could reclaim the position above 1.3450 and continue upward to print a higher swing high, then the bullish trend will continue. On the lower side, there is chance of bearish continuation to test the 1.3250 and daily SMA 200.
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, distancing itself from the 150.00 resistance level. The pair will test the daily SMA 200 soon and traders will wait for reactions. If the pair could continue the bearish movement and print a new lower swing low, then the bearish trend could continue. On the upside, a close above the green box area might confirm a bullish reversal.
Today’s critical levels to watch:
Support: 149.20, 145.00, 142.00,
Resistance: 150.00, 151.00
AUD/USD
AUD/USD bounced from the bottom of green box area and looks gaining upward momentum. The pair might consolidate inside the green box area and attempt for bullish continuation. As we mentioned, if the pair could stabilize inside the box area, then there is a chance of bounce and bullish continuation. Traders could continue to use the area to add long positions with a tight stop below 0.6500.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700