USDX (USD Index)

U.S dollar index pushed lower in the previous trading day and tested the previous week low. However, the index could bounce and closed near its opening level. Currently, the index attempting to move higher and testing the 96.70 resistance level. If there is a close above the level then the U.S dollar index might continue upward and target 97.50.

EUR/USD

EUR/USD continue further higher and closed between 1.1300 – 1.1360 area. The pair looks gathering further bullish pressure and will attempt to breakout above 1.1360. We might have a bullish cup and handle formation. At the current time, EUR/USD might be forming the handle formation.

1.13000 might become the bottom of the handle and place to look for long positions with a tight stop below it.

today critical levels to watch:

Support: 1.1300, 1.1185, 1.1120

Resistance: 1.1360, 1.1500

GBP/USD

GBP/USD rejected from the 1.2625 and daily SMA 200 yesterday. The pair closed the day as a bearish engulfing pattern and might start a new bearish leg. Traders could look a triangle formation where the pair might target the bottom of the triangle.

On the long-term, the GBP/USD range still maintained between 1.2000 – 1.2625.

Today Critical level to watch:

Support: 1.2500, 1.2200, 1.2000

Resistance: 1.2625, 1.2800

USD/JPY

USD/JPY produced a bullish reaction from the 106.70 support level and closed above Friday high yesterday. The pair range span between 106.70 – 108.00 and might continue to maintain the position inside it. Traders could continue apply ranging strategies inside the range until breakout happen.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00, 110.00

AUD/USD

AUD/USD tested the 0.7000 resistance and rejected from the level again. We have a bearish pin bar pattern formed. At the current time, the pair has not moved below the previous week low. If the pair could move lower and close below the previous week low then AUD/USD could start moving lower toward 0.6820.

On the other hand, if a bullish bounce happens then AUD/USD might attempt breakout above 0.7000 again.

Today critical levels to watch:

Support: 0.6820, 0.6750, 0.6700

Resistance: 0.7000, 0.7160