USDX (USD Index)
U.S dollar index made a bearish reaction before it could reach the 100.00 level. The index might resume the bearish trend and target new lower low. However, the bearish reaction has no strong momentum, which mean it might be a temporary movement before further upside. There is chance the index turn back higher and test the 100.00 level. Under current situation, it is better to wait until there is stronger bearish reaction.
EUR/USD
EUR/USD closed below 1.1580 but managed to reclaim the level with bullish bounce. If the pair could immediately extend the bullish movement, then we might see upward attempt to target 1.1710 and 1.1820. No strong confirmation for now, traders better wait for the closing level at the end of week and how the bull follow-through next week.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD touched the daily SMA 200 and bounced strongly today. As we expected the bounce, now we want to see an immediate bullish continuation next week. The shorter it takes for the pair to reach above 1.3450, the better it is for the bull. On the other hand, another bearish attempt and new lower low might bring the pair into consolidation near the 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 stop the bullish run from 147.00 to 153.00 today and move lower significantly. The pair is sitting at the top of the green box area and might extend the downward movement to test 150.00. Traders will wait for bounce reactions or until the bearish movement lost momentum to enter long positions.
Today’s critical levels to watch:
Support: 151.00, 150.00, 149.20, 145.00, 142.00,
Resistance: 153.00
AUD/USD
AUD/USD drop below 0.6500 with strong momentum which make us scrapped the bullish scenario for now. The pair might extend the bearish movement to reach the daily SMA 200 now. Traders better wait until the bearish momentum fading before consider entering long positions. On the bullish side, if the bull could immediately erase all the losses, then it will create a bullish reversal.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700