USDX (USD Index)
U.S dollar index gapped up and extended the upward movement. However, the index also lost part of the gain and pushed back not far from the opening level. No new higher swing high printed in the bullish attempt. If the index could continue the upward movement, then there is chance of bullish movement to target the 100.00 level. Under current situation, we could say the index formed a higher swing low which mean the bull has the upper hand for now.
EUR/USD
EUR/USD pushed below the 1.1710 level but managed to recover to the level. If the pair settled near the 1.1710 level by the end of day, then we have no breakout confirmation. The pair might consolidate near 1.1710 level for now. If it could gain with strong bullish momentum, then we will see continuation to test the 1.1820 level. On the lower side, as long as there is no new lower swing low, the pair could continue the bullish trend.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820
GBP/USD
GBP/USD maintain the position above the 1.3450 level for now. The consolidation is ongoing and as long as the pair could stay above 1.3450 then it will resume the bullish movement to retest 1.3600 and the trend line. If the pair break lower again, then we might see downward movement to test the daily SMA 200 or the 1.3250 level.
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 gapped up above the 150.00 level and looks to keep gaining. The pair formed a new higher high, which might confirm a bullish continuation. As the current movement driven by Japan election result, traders will let the bullish move play out. If the pair could continue upward and close above the green box area, then the bullish trend is confirmed. On the other hand, if the pair turn lower again and erase all the gain, then the situation will turn bearish.
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 and keep consolidating near it. Traders will continue to use the box area as a place to add long positions with stop below 0.6500. We still expect the pair to continue the bullish trend and target a new higher swing high. On the upside, 0.6750, 0.6780, 0.6820 will become the bullish target to watch.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700