USDX (USD Index)
U.S dollar index experienced a bearish reaction when reached the 100.00 handles. However, there is no bearish follow-through as the price continues to stick near 100.00. At the current time, the index continues to build bullish pressure to continue the bullish trend. Traders will continue to maintain long positions in the U.S dollar pair and wait for a bearish correction to add more positions.
EUR/USD
EUR/USD is under bearish pressure and currently testing the 1.0800 support level. The pair managed to maintain the position above the level but a breakout might happen. If the pair continue the bearish movement below 1.0800 then traders will expect a continuation toward the 1.06500 support level.
Today’s critical levels to watch:
Support: 1.0800
Resistance: 1.0900, 1.1000, 1.1120, 1.1185
GBP/USD
GBP/USD made a major bullish reaction last week with a bullish engulfing pattern. However, the upward movement after the bullish candlestick received rejection at the 1.3125 resistance level. The pair then resume the bearish movement and return to the 1.3000 support level. If the pair breakout below the support level then traders will expect a long-term bearish continuation to target 1.2800 and lower.
Today Critical level to watch:
Support: 1.3000
Resistance: 1.3125, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY situation has not changed as the pair continues its climb upward. There is no major bearish reaction which means traders will continue to hold long positions for now. If the pair make a bearish correction then it will target the previous swing high. Traders will wait a bearish correction for a chance to enter long positions.
Today’s critical levels to watch:
Support: 126.00, 125.00, 120.00
Resistance: 130.00
AUD/USD
AUD/USD failed to close the week inside the orange box area. The pair continues its bearish movement this week and is set to target the 0.7300 – 0.7330 area also the daily SMA 200. If the pair could reach the level and form a bullish reaction then traders could prepare long positions with 0.7450 – 0.7550 as the target area.
Today critical levels to watch:
Support: 0.7330, 0.7300
Resistance: 0.7450, 0.7500, 0.7550, 0.7640, 0.7690