USDX (USD Index)
U.S. dollar index bearish pressure stopped at the 102.00 level. The index has more room downside toward the 100.00, however, it seems the global market undergo massive change. We have stock market crash, gold prices turn lower, commodity and oil prices lower. Traders are flocking to U.S treasury, which cause lower yield. At the current time, it might be better to wait for more confirmation and see as volatility continue to grow.
On the upside, 103.34 is a resistance level to watch for bearish bounce.
EUR/USD
EUR/USD broke out above the 1.1000 level and closed above it. The pair is currently moving lower to retest the level. If the pair could maintain the positions above the level and bounce from it, then the bullish movement could immediately continue. Traders will wait for bounce confirmation from either 1.1000 or 1.0900 to enter long positions.
Today’s critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185, 1.1300
GBP/USD
GBP/USD fall with strong bearish momentum, erased two days gain which might indicate a bullish fake breakout. The pair might continue the bearish movement toward 1.2800 to test it. If the bearish movement continues, then the daily SMA 200 might come under test for the first time since the latest breakout. At the current time, traders will wait until the bearish pressure lost momentum and enter long positions after bullish reactions.
Today’s critical levels to watch:
Support: 1.3000, 1.2800
Resistance: 1.3250
USD/JPY
USD/JPY has reached the 145.00 support level and show bounce reaction today. The pair is currently moving upward and retesting previously broken swing low. Will the pair turn lower again and continue the bearish trend toward 142.00? Alternatively, will it attempt to recover above previous swing low and retest the 150.00 level?
Today’s critical levels to watch:
Support: 145.00, 142.00
Resistance: 149.20, 150.00, 151.00, 151.80
AUD/USD
AUD/USD unexpectedly breakout lower with strong bearish momentum. It cancelled all bullish scenario and reached the level near 0.6000 instantly. Traders will observe the pair reactions near the 0.6000 level. We might see consolidation near the level for now, with more bearish bias. It might be better to stay out of positions for now as uncertainties climb after the trade war.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700