USDX (USD Index)
U.S dollar index got rejected perfectly from the 100.00 resistance level. It fell with strong bearish momentum, but no bearish follow-through yet. The index need to follow-through in 1-3 days to confirm the bearish continuation. On the other hand, if the index start to climb again and close above 100.00, then the situation could turn bullish for medium-long term.
EUR/USD
EUR/USD return above the 1.1500 level and now limited near the 1.1580. The pair might consolidate and follow the action of U.S. dollar index. If the pair could immediately extend the bullish movement, then we expect bullish continuation to print new higher swing high. On the lower side, a new lower swing low will cancel bearish outlook and open the path toward daily SMA 200.
Today’s critical levels to watch:
Support: 1.1360, 1.1300
Resistance: 1.1500, 1.1580, 1.1710, 1.1820
GBP/USD
GBP/USD bounced from the daily SMA 200 and 1.3125 and formed a bullish engulfing pattern. The pair attempt to climb above the pattern, but it looks like will close the day inside the pattern candlestick range. Traders who enter long positions near the daily SMA 200 will hold the positions for now with stop below the bullish engulfing pattern low. If the pair could immediately launch upward with strong momentum, then it will start a new bullish leg to target a new swing high.
Today’s critical levels to watch:
Support: 1.3125, 1.3050, 1.3000
Resistance: 1.3300, 1.3330, 1.3450, 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY climb above the daily SMA 200 and turn lower sharply. It seems, trapping the bull above the daily SMA 200. We could say the pair might continue lower and trigger stop order below the previous swing low or 145.00. We expect the pair to resume the bearish trend and target 134.74 in the long-term.
Today’s critical levels to watch:
Support: 150.00, 149.20, 145.00, 142.00,
Resistance: 151.00
AUD/USD
AUD/USD bounced from the bottom of broadening pattern but stay limited below 0.6500. The pair looks will continue the bullish movement to target the top of pattern range. A close above 0.6500 will confirm the bullish continuation. Meanwhile, the pair might consolidate near 0.6500 now.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700