USDX (USD Index)
U.S dollar index bullish correction ended near the 100.00 level. The index has resumed the bearish movement and now will target 97.43 and 93.97 levels. As mentioned before, it is confirmation for traders to avoid long positions in U.S. dollar and make use of bullish correction as chance to enter short positions in U.S. dollar.
EUR/USD
EUR/USD formed support base at 1.1300 – 1.1360 area and now turning higher. The pair will attempt to extend the bullish movement to retest 1.1500 – 1.1580 area. A breakout above the area will bring the pair higher to target 1.1700, 1.1820. At the current time, traders who have long positions will move the stop order below 1.1300 and keep using each bearish correction as a chance to add more long positions.
Today’s critical levels to watch:
Support: 1.1360, 1.1300, 1.1185
Resistance: 1.1500, 1.1580
GBP/USD
GBP/USD moving upward with strong momentum today. The pair is trading near 1.3450 and will test it. A breakout and close above the level will open the path toward 1.3500, 1.3600. Under current situation, traders better continue holding long positions with stop order below 1.3250. The trend has turned bullish for long-term, and it is better to avoid shorting the pair.
Today’s critical levels to watch:
Support: 1.3250, 1.3150, 1.3050, 1.3000
Resistance: 1.3300, 1.3330
USD/JPY
USD/JPY turned lower again and currently is trading near the 142.00 level. The pair might break out and continue the bearish movement to target 139.00 and 138.00 levels. Traders will continue to hold short positions and avoid long positions for now. Traders who enter short positions could place stop order above 144.10 or 145.00.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD bounced from the 0.6350 and the trend line. The pair is ready to continue the bullish movement to target the daily SMA 200 and 0.6500. A close above both levels will confirm the continuation of long-term bullish trend. At the current time, traders will monitor the reactions near both resistance levels. When the pair breakout higher, traders could wait for pullback to enter long positions.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700