USDX (USD Index)
U.S dollar index fall sharply today and is set to continue the bearish movement toward the 100.00 handle. The latest release of inflation data show downward trend in the CPI data. We could say that the situation will push the Fed to consider cutting interest-rate sooner. Nothing changed yet for the situation of gold prices, in the long-term we expect the bearish pressure to continue, especially when more countries consider switching to alternative payment.
EUR/USD
EUR/USD resume the bullish movement as it trade near the 1.1120 level right now. The pair is expected to extend the bullish movement toward 1.1185 then 1.1300 and 1.1360. As the U.S. dollar index continue to weaken, we expect the pair to breakout above 1.1185 then stall before continuing upward again. The situation could be choppy as traders are observing the tariff war situation.
Today’s critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185, 1.1300
GBP/USD
GBP/USD bounced upward from the daily SMA 200 and the 1.2800 level. The pair upward movement has moderate momentum which might deliver the pair to test 1.3000 level. On the upside, 1.3250, 1.3300 will become the long-term target to watch. On the lower side, a breakout and close below 1.2625 might cancel the bullish outlook.
Today’s critical levels to watch:
Support: 1.2625
Resistance: 1.2800, 1.3000, 1.3250
USD/JPY
USD/JPY fell with strong bearish momentum and back to the 145.00 support level again. The pair might break out lower and continue the bearish movement toward the 142.00 support level next. It seems yesterday’s bullish close could not continue, as no movement above the candlestick high. Traders will keep shorting the pair for now whenever a bullish correction happen.
Today’s critical levels to watch:
Support: 145.00, 142.00
Resistance: 149.20, 150.00, 151.00, 151.80
AUD/USD
AUD/USD bullish engulfing pattern confirmed and there is bullish follow-through today. The pair might continue the bullish movement to return above the triangle pattern. On the upside, 0.6500 and daily SMA 200 will become the bullish target to watch. On the lower side, another breakout and close below 0.6000 will cancel all bullish outlook on the pair.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700