USDX (USD Index)
U.S dollar index has made 9 consecutive bullish closes on the daily chart. The index will eventually make a bearish close but it might be limited to 100.00 or 99.40 handles. Traders will wait for the bearish correction to happen for a chance to enter long positions in the U.S dollar near the support levels.
EUR/USD
EUR/USD is mostly under pressure as the pair continue making bearish close below the 1.0900 support level. The pair soon will test the 1.0800 support level. If a bearish breakout happens then the pair is set to continue the long-term bearish trend. Traders might want to stay sideline for now while waiting for further reaction.
Today’s critical levels to watch:
Support: 1.0900, 1.0800
Resistance: 1.1000, 1.1120, 1.1185
GBP/USD
GBP/USD managed to maintain the position near the 1.3000 support level. No major breakout yet below the level which means there is a chance of bullish reversal. No conclusion yet on the pair’s next direction, traders better wait for strong reactions from the level before deciding on the pair’s next direction.
Today Critical level to watch:
Support: 1.3000
Resistance: 1.3125, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY made another bullish close on the daily chart which tell traders to continue to avoid short positions. Traders will wait for a bearish correction to happen toward the blue box area. If the pair manage to reach the blue box area and form a strong bullish reaction then traders could add more long positions.
Today’s critical levels to watch:
Support: 125.00, 120.00
Resistance: 126.00
AUD/USD
AUD/USD was initially expected to print a bullish engulfing pattern and continue the upward movement. However, the pair could not print the pattern at the end of the day. Even though the pair made a bullish close, it is not convincing for bullish continuati0n. At the current time, the pair is under bearish pressure. If the pair continue the bearish movement then it might target the 0.7300 – 0.7330 area.
Today critical levels to watch:
Support: 0.7330, 0.7300
Resistance: 0.7450, 0.7500, 0.7550, 0.7640, 0.7690