USDX (USD Index)
U.S dollar index is in a bearish trend inside the channel as shown on the daily chart. The index has 100.00 as a bearish target and traders will continue to use each bullish correction as a chance to enter short positions in the U.S. dollar. On the upside, if the index could continue trading upward then the daily SMA 200 will become a target. As long as the pair continue printing a new lower low and lower high, traders will continue to maintain a bearish bias.
EUR/USD
EUR/USD managed to reach the 1.1000 resistance level and print a new higher high. The pair currently undergo bearish correction and traders will use the chance to enter long positions. On the lower side, 1.0900 and 1.0800 are the levels to watch for long positions. On the upside, EUR/USD will target 1.1200 and 1.1185 next.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0339
Resistance: 1.1000
GBP/USD
GBP/USD made a bearish close last week which could sign a bearish correction. The pair might target the x1.2000 – 1.2200 area or the daily SMA 200. If the pair manage to reach the area then traders could consider entering long positions. On the upside, we think the pair will target 1.2625 and 1.2800 resistance levels.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000, 1.1450
Resistance: 1.2625, 1.2800
USD/JPY
USD/JPY continues the sideway movement not far from the green box area. There is no confirmation yet on where the pair will move next. There is no new lower low or new higher high printed on the chart which means the overall situation is sideway. The next higher high or lower low might confirm the pair’s next long-term direction.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD failed to maintain the position above the daily SMA 200 last week. The pair strong bullish close above the daily SMA 200 immediately reversed. At the end of the week, the pair closed below the daily SMA 200 but inside the 0.6700 – 0.6820 area. Traders will continue to monitor the pair movement between the 0.6700 – 0.6820 area now. A close outside the area might confirm the pair’s next direction.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000