USDX (USD Index)
The U.S dollar index add bullish pressure and closed the week on a high note. The index is set to continue its bullish movement this week. We expect the index to target 92.00 – 93.00 area in the medium-long-term. However, if the index reversed its direction sharply and close below 90.00 then traders will prepare for a bearish continuation.
EUR/USD
EUR/USD reached the 1.2070 support level earlier than expected. Nevertheless, the pair fall with strong bearish pressure and might extend its weakness toward 1.2000 this week. Traders will observe the pair reaction at the 1.2000 – 1.2070 area for now. If the pair could stall the bearish pressure then we might see a bounce happening.
today critical levels to watch:
Support: 1.2070, 1.2000
Resistance: 1.2200, 1.2300, 1.2500
GBP/USD
GBP/USD made a bearish close at the end of the week below 1.3600. The pair might continue moving lower this week, targeting the 1.3450 support level. If the bearish pressure could close below 1.3450 then traders will prepare for continuation toward the 1.3300 – 1.3330 area.
Today Critical level to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600, 1.3835, 1.4000
USD/JPY
No major change yet in the USD/JPY direction. The pair movement contained inside the bearish channel and expected to continue its bearish movement. However, the rejection from the top of the channel could not produce a bearish continuation. Traders will monitor the pair reaction near the top of the channel for now.
Today critical levels to watch:
Support: 101.50, 101.19
Resistance: 104.00, 105.00, 106.00, 106.70
AUD/USD
AUD/USD made a bearish close at the end of the week and inside the bullish channel. It seems the bullish movement starts to lose momentum. If the pair continues moving lower then it will target the bottom of the channel, 0.7640 then 0.7500 – 0.7550 area.
Traders will wait near the support level for a bullish reaction and opportunity to enter long positions.
Today critical levels to watch:
Support: 0.7700, 0.7640
Resistance: 0.7750, 0.7800