USDX (USD Index)
The U.S. dollar index remains under bearish pressure, although it has not printed a new lower low today. While the overall direction is still undeniably down, there is a strong possibility of the index consolidating near the current level before deciding on its next move. If the bearish trend resumes, further weakness toward lower support levels remains on the table. On the upside, a reclaim above the daily SMA 200 and 99.00 will become the bullish reversal confirmation.
EUR/USD
EUR/USD is making a bullish attempt toward the 1.1820 resistance area, though it has not printed a higher high just yet. The pair is expected to test this crucial level in the near term as the ongoing upward structure remains intact. If a bullish breakout happens above 1.1820, the upward momentum might push the pair to target the 1.2000 handle next. On the downside, 1.1710 will act as the nearest support to watch if a bearish correction occurs.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820,1.2000, 1.2070
GBP/USD
There has not been much movement for GBP/USD today. However, the pair is getting near the 1.3600 resistance level and might test it soon. The pair has maintained its overall bullish structure, and traders will be watching closely to see if it has the strength to break higher. On the downside, 1.3450 stands as the key support level. Traders will use the 1.3450 level as a place to add long positions when a bearish correction manages to reach the level.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600
USD/JPY
USD/JPY is mostly flat today, with the price moving entirely inside yesterday’s range. The pair is currently consolidating tightly, showing neither strong bullish nor bearish conviction at the moment. Traders will continue to monitor for a breakout of this range to determine the next directional move. It is better to stay on the sidelines for now or go flat with no positions until the pair shows its hand.
Today’s critical levels to watch:
Support: 158.89, 155.50, 155.00, 153.00, 151.00
Resistance: 160.00, 161.18
AUD/USD
AUD/USD continues its bullish momentum and is currently challenging the area near 0.7160. The overall structure remains supportive of further upside. A successful break above the 0.7160 resistance level will open the path for the pair to test the previous swing high. With no significant bearish signals yet, traders will be watching closely to see if the pair can manage to climb and print new higher highs.
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160