USDX (USD Index)
U.S dollar index weaken again after it touched the 100.00 level. The index has potential to continue the bullish correction toward 101.79, but it is not mandatory. If the index start moving lower again with strong bearish momentum, then traders will expect continuation toward the 97.43 level. Under current situation, traders will give more time and observe the reactions. Any announcement regarding tariff war by U.S. or China could move the index.
EUR/USD
EUR/USD bearish correction found support at the 1.1300 – 1.1360 area. The pair trading upward and might attempt to resume the bullish trend to target 1.1710 and 1.1820. However, if it continues the bearish correction then traders will expect tests on the 1.1120 – 1.1185 area or 1.1000 level. Under current situation, traders will continue assume the pair to continue bullish trend in the long-term and use each bearish correction as a chance to add long positions.
Today’s critical levels to watch:
Support: 1.1360, 1.1300, 1.1185
Resistance: 1.1500, 1.1580
GBP/USD
GBP/USD closed near the 1.3250 support level yesterday. There is no bearish continuation today, instead, the pair is moving upward and testing the 1.3300 – 1.3330 area now. Will the pair resume the bullish trend and target 1.3450 also 1.3600 levels? Alternatively, will it make deeper bearish correction toward 1.3125, 1.3000 – 1.3050 area?
Today’s critical levels to watch:
Support: 1.3250, 1.3150, 1.3050, 1.3000
Resistance: 1.3300, 1.3330
USD/JPY
USD/JPY made a bullish reversal yesterday with a close above 143.00. However, the pair is currently under bearish pressure and might retest the 142.00 level. If the support level could hold out from the bearish pressure, then a bounce could happen and bring the pair upward to test 145.00 and 146.50. In the long-term, we still see the pair will continue the bearish trend. Traders will use bullish correction in the pair as a chance to enter short positions.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD pushed lower for two days and the pair testing the 0.6350 level today. There are bullish reactions and the pair currently trading above the opening level. If the pair could gain more bullish momentum, then it will continue the upward movement to target 0.6500 and daily SMA 200. A close above daily SMA 200 will give confirmation that the trend has turned bullish for medium-long term.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700