USDX (USD Index)
U.S dollar index is under pressure and expected to make a bearish correction toward 93.00 support level. The index seems found support last week and continues trading near the 93.50 level. Nevertheless, we think the bearish correction will continue and traders will wait near 93.00 for reaction. If a bullish reaction happens then traders could enter long positions in the U.S dollar.
EUR/USD
EUR/USD continues its bullish corrective movement toward the 1.1710 resistance level. The pair need a close above 1.1710 to confirm further upward movement to test 1.1820. A close above daily SMA 200 is needed to overturn the current bearish trend. If the pair make a major bearish reaction near 1.1710 then traders could enter short positions.
Today critical levels to watch:
Support: 1.1580, 1.1500, 1.1360
Resistance: 1.1710, 1.1820, 1.2000, 1.2070
GBP/USD
GBP/USD got rejected from the 1.3835 resistance level and is expected to range between daily SMA 200 and the resistance level. Traders will wait for a breakout from the range for now. On the higher time outlook, the pair need to close outside 1.3600 – 1.4000 to confirm the next direction.
Today Critical level to watch:
Support: 1.3600, 1.3450
Resistance: 1.3835
USD/JPY
USD/JPY rejection from the 114.50 resistance level signaled a bearish correction with potential toward 112.00 support level. Under the current situation, traders will let the pair move lower and form a bullish reaction to entering long positions. On the upside 115.00 resistance level will become the next target.
Today critical levels to watch:
Support: 113.00, 112.00
Resistance: 114.50, 115.00
AUD/USD
AUD/USD produced a bearish reaction from the 0.7550 resistance level also the daily SMA 200. The pair currently will range between 0.7450 – 0.7550 or inside the orange box area. If the pair start moving lower then 0.7300 – 0.7330 is the nearest support area to watch. On the upside, the pair needs to close above the daily SMA 200 to confirm a bullish continuation.
Today critical levels to watch:
Support: 0.7450, 0.7330, 0.7300
Resistance: 0.7500, 0.7550