USDX (USD Index)
U.S dollar index continue moving upward yesterday but could not maintain the bullish pressure until the close of the day. At the end of the day, the index closed near the opening level. At the current time, the index trade is slightly lower and might continue lower toward the 105.00 – 105.50 support area to test it.
Traders will monitor the U.S job data release tomorrow which might trigger volatility in the market.
EUR/USD
EUR/USD trading at the middle of parity and the 1.0339 level. The pair seems trading sideways before the release of U.S job data tomorrow. Will the pair build bullish pressure and close above 1.0339 to cancel the bearish outlook? Alternatively, will it continue lower to target the level below parity?
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD closed inside the 1.2000 – 1.2200 area which means the consolidation is set to continue. Traders will monitor the pair closing level at the end of the week. We favor a bearish breakout and close below 1.2000 to continue the bearish trend. However, a close above 1.2200 will cancel the bearish outlook and trigger upward movement to target the daily SMA 200.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY shows a bullish reaction from the 131.47 support level. The pair trading upward but is currently losing the bullish momentum. Will the pair trade lower to retest the 131.47 support level again? Traders might want to wait near the support level for a chance to enter long positions when bullish reactions happen.
Today’s critical levels to watch:
Support: 131.47
Resistance: 135.00, 135.19
AUD/USD
AUD/USD got rejected from the 0.7000 level but there is no bearish continuation. The pair make an upward attempt toward the resistance level today. If the pair could close the week above 0.7000 at the end of the week then we might see a continuation toward 0.7160 and the daily SMA 200. On the other hand, a close below 0.7000 might become a bearish confirmation.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300