USDX (USD Index)
U.S dollar index has been in neutral situation as the index closed near opening level for three days. The situation mostly the same for today, where the index looks will close the day near the opening level. Overall, we still expect the index to resume the bearish movement and target a new lower swing low on the chart. On the upside, a new higher swing high will confirm movement toward the daily SMA 200.
EUR/USD
EUR/USD maintain the position above 1.1820, but no bullish follow-through yet. Traders will continue to maintain bullish outlook and use the 1.1820 level as a place to add long positions with stop below 1.17166. On the upside, we expect the pair to retest the 1.2000 – 1.2070 area and continue moving toward 1.2200.
Today’s critical levels to watch:
Support: 1.1820, 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.2000, 1.2070
GBP/USD
GBP/USD bounced from 1.3600 level but no major bullish continuation yet. The pair continue to stick near the level and wait for catalyst to continue the bullish movement. On the upside, the 1.4000 is the target to watch. On the lower side, traders could place stop order below 1.3507 or below 1.35000.
Today’s critical levels to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3835, 1.40000
USD/JPY
USD/JPY moving bearishly and soon will reach the latest swing low. It has printed lower swing high and lower swing low. The pair might print the next lower swing low around 150.00 or daily SMA 200. We have stretched the previous Fibonacci level (weekly) which might turn into support level. Although the situation looks bearish, if there are strong reactions then there is chance of reversal.
The key to the bearish trend is the pair continue printing new lower swing high and lower swing low. As long as the pair do that, there is no change to the bearish outlook.
Today’s critical levels to watch:
Support: 155.50, 155.00, 153.00, 151.00
Resistance: 158.89, 160.00
AUD/USD
AUD/USD showed bearish reaction near the 0.7160 level and looks moving lower. The bearish pressure mostly absorbed as the pair is currently moving not far from the opening level. If the pair continue the downward movement, then the 0.7000 level is the support level to watch.
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160