USDX (USD Index)
The bearish movement of the U.S. dollar index halted today as the index make a bullish attempt. If the index could continue moving upward then 103.50 will become the upward target. No change to the bearish outlook of the index for the long term. We expect the index to reach a 100.00 support level before the end of the year. However, if the index moves upward and closes above the daily SMA 200 then all bearish outlooks will be canceled.
EUR/USD
EUR/USD is trading above the 1.1000 level but is currently under bearish pressure. The pair might move lower and close below 1.1000 to resume the bearish correction. On the lower side, 1.0900 and 1.0800 will become the bearish levels to watch. We expect the next higher low to print around 1.0800 – 1.0900.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0339
Resistance: 1.1000
GBP/USD
GBP/USD losing upward momentum and looks will start a bearish correction. On the lower side, the daily SMA 200 and 1.2000 – 1.2200 area will become the bearish target to watch. When the pair reach the area and the averages, traders could consider entering long positions on bullish reactions. On the upside, 1.2625 and 1.2800 are the levels to watch as bullish targets.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000, 1.1450
Resistance: 1.2625, 1.2800
USD/JPY
USD/JPY slowly moving upward and is currently in the middle of the green box area and the daily SMA 200. The pair might continue the upward movement and reach daily SMA 200 where traders could consider entering short positions. As long as there is no higher high printed on the chart then short positions are the safer option. On the lower side, a close below the green box area will become a bearish confirmation.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD bearish rejection from the daily SMA 200 gaining more bearish momentum. The pair fall below 0.6700 today and might resume the bearish movement toward the 0.6500 support level. No conclusion yet on the pair’s long-term direction. It might trade under pressure in May and then start a bullish reversal after the Fed FOMC meeting.
Today’s critical levels to watch:
Support: 0.6500, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000