USDX (USD Index)
U.S dollar index climbed above the 100.00 handle and continue its upward movement without a major bearish reaction. The situation continues to favor the bull and traders should avoid shorting the U.S dollar until a major bearish reaction happen. On the lower side, 100.00 will become the support level when a bearish correction happens.
EUR/USD
EUR/USD made a close below the 1.0800 support level yesterday. There is no bullish development as the pair continue moving lower. If the bearish movement continues then traders will expect continuation toward the 1.06500 support level next. On the upside, the pair need a close above 1.1185 to cancel the current bearish trend.
Today’s critical levels to watch:
Support: 1.0800
Resistance: 1.0900, 1.1000, 1.1120, 1.1185
GBP/USD
GBP/USD stick near the 1.3000 without a major breakout below the level. However, the bearish pressure continues to mount and we might eventually see a breakout below the level. Traders will continue waiting for a further reaction from the support level. Will the pair bounce from the level and climb above 1.3330 to cancel the current bearish trend? Alternatively, will it breakout and resume the bearish movement toward 1.2800?
Today Critical level to watch:
Support: 1.3000
Resistance: 1.3125, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY extend the bullish movement today, moreover, the bullish movement has strong momentum. It might be the last push before a bearish correction. However, traders better stay on the safe side and wait for a bearish correction to enter long positions. We never know when a bearish correction will happen, shorting is a highly speculative move right now.
Today’s critical levels to watch:
Support: 126.00, 125.00, 120.00
Resistance: 130.00
AUD/USD
AUD/USD closed lower yesterday and got near the 0.7300 – 0.7330 support level also the daily SMA 200. Traders will wait for the pair to reach both support levels and enter long positions on a bullish reaction. A higher low is expected to form around the 0.7300 – 0.7330 area and the daily SMA 200.
Today critical levels to watch:
Support: 0.7330, 0.7300
Resistance: 0.7450, 0.7500, 0.7550, 0.7640, 0.7690