USDX (USD Index)
U.S dollar index is set to target the 100.00 support level but the index currently consolidating and might attempt to break out upward. If the index moves upward then traders could wait near the 103.50 level for bearish reactions. When bearish reactions happen then traders could enter short positions in the U.S. dollar with 100.00 as a bearish target in the index. As long as the index continues printing a new lower low and lower high, the trend will continue bearish.
EUR/USD
EUR/USD maintains the bullish trend and will attempt to extend the upward movement. The pair currently stick near the 1.1000 level and might trade near it until next month at the Fed FOMC meeting. When the pair start a bearish correction, traders could use the moment to add more long positions at a lower level. On the upside, 1.1120 and 1.1185 are the nearest targets to watch.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0339
Resistance: 1.1000
GBP/USD
GBP/USD was slightly lower before it could reach the 1.2625 and 1.2800 resistance levels. As mentioned in the previous analysis, the pair bearish movement is a chance for traders to enter long positions at a lower level. If the pair manages to reach 1.2000 – 1.2200 or the daily SMA 200 then traders could enter long positions on bullish reactions.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000, 1.1450
Resistance: 1.2625, 1.2800
USD/JPY
USD/JPY trading upward after the bounce from the green box area. The pair will attempt to extend the bullish movement and target the daily SMA 200. Despite the bullish situation, traders might want to prepare for a sudden bearish reversal and close below the green box area. Each bullish correction is a chance for traders to enter short positions near the resistance levels.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD got rejected from the daily SMA 200 and closed below the 0.6700 support level yesterday. The pair might be under bearish sentiment again but no higher high or lower low printed on the chart yet. At the current time, the consolidation is near the daily SMA 200 and the 0.6700 – 0.6750 might continue and traders will continue to monitor the pair reactions.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000