USDX (USD Index)
There is no stop to the upward movement of the U.S dollar index. A new higher high is printed on the chart and there is no major bearish reaction. Traders will continue waiting for a bearish correction in the index for a chance to enter long positions in the U.S dollar near support levels. We think, a bearish correction is due and traders might want to stay sideline for now.
EUR/USD
EUR/USD extend the bearish movement below the 1.0650 support level today. There is no bullish reaction yet which means the bearish movement could continue. Traders will wait for the pair to make a bullish correction to enter short positions. 1.0800, 1.0900, and 1.1000 are the potential levels to enter short positions.
Today’s critical levels to watch:
Support: 1.0339
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD print another lower low on the chart and the pair currently trading below 1.2500. A bullish correction might happen and traders will wait near 1.2625, and 1.2800 for a chance to enter short positions. Meanwhile, it is better to stay sideline if traders do not hold any short positions.
Today Critical level to watch:
Support: 1.2400, 1.2200
Resistance: 1.2500, 1.2625, 1.3000
USD/JPY
USD/JPY consolidation resulted in a bullish breakout. The pair add more gain and print a new higher high on the chart. A bearish correction is due but traders better avoid short positions as the pair could just continue moving upward without a major bearish correction. If the pair start a bearish correction then 125.00 is the level to watch for a bullish reaction.
Today’s critical levels to watch:
Support: 126.00, 125.00, 120.00
Resistance: 130.00
AUD/USD
AUD/USD closed below the 0.7160 support level and there is a bearish continuation today. If there is no change to the bearish situation then the pair could continue lower and target the 0.7000 support level. A breakout and close below 0.7000 is a major bearish continuation confirmation. At the current time, traders will treat the 0.70000 level as a potential bounce location.
Today critical levels to watch:
Support: 0.7000
Resistance: 0.7160, 0.7300, 0.7330