USDX (USD Index)
U.S dollar index reacted from the level near 92.00 and formed a bullish engulfing pattern. There is no breakout confirmation yet above the pattern. Yesterday, the index attempted to move higher but at the end of the day, it closed lower. Today, the bull attempting to bring the index higher.
Will the index confirm the bullish engulfing pattern and start a bullish correction toward 94.00 and 95.00?
EUR/USD
EUR/USD holding out near the 1.1820 support level yesterday. However, the pair falls below the level with strong bearish momentum today. If the pair could not reverse current bearish pressure then traders will expect the pair to target 1.1710.
A breakout below 1.1710 might trigger a deeper correction toward 1.1450 – 1.1500.
today critical levels to watch:
Support: 1.1710, 1.1600, 1.1580
Resistance: 1.1820, 1.2000, 1.2070
GBP/USD
GBP/USD made a bullish close and erased most of the losses incurred in the Wednesday trading session. The pair attempted to move higher and tested 1.3250 today. However, the pair get rejected from the resistance level and currently testing 1.3125. If the pair extends the bearish movement then we might see correction toward 1.3000.
No change to the outlook of the pair which continues trading between 1.3000 – 1.3250 for now.
Today Critical level to watch:
Support: 1.3000, 1.2800
Resistance: 1.3250, 1.3300
USD/JPY
USD/JPY under pressure but no lower low printed below 105.00 yet. The pair printed a bullish engulfing pattern but no breakout confirmation above the pattern yet. At the current time, traders will observe the closing level of the pair. If the pair could move higher and confirm the bullish engulfing pattern then we will expect bullish correction toward 106.70.
Today critical levels to watch:
Support: 105.00, 101.19
Resistance: 106.00, 106.70, 108.00
AUD/USD
AUD/USD stick near the 0.7160 support level and is expected to continue moving sideway near it. No conclusion yet on the pair next direction. If the pair start a bearish movement below 0.7160 then 0.7000 will become the level to watch for long positions.
Today critical levels to watch:
Support: 0.7160, 0.7000, 0.6820
Resistance: 0.7330