USDX (USD Index)
U.S dollar index turn lower after the latest CPI data show lower than expected result. It seems traders leaning to early rate-cut after the data. If the U.S. dollar index fall and print new lower swing low, then traders could expect the continuation of bearish trend. On the other hand, without new lower swing low, the current situation still bullish with two higher swing high and one higher swing low.
EUR/USD
EUR/USD trading upward inside the 1.1580 – 1.1710 area.. The pair is expected to test the resistance level and attempt to breakout higher. If the pair could climb and print new higher swing high, then the bullish trend could continue. Otherwise, the consolidation inside the area will continue until the next major news release.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD building bullish pressure above the 1.3450 level and will target the 1.3600. At the current time, the pair is limited near the trend line and will wait for reactions. When the pair breakout higher, it still needs to print new higher swing high to confirm the continuation of bullish trend. If the pair turn lower again, then it might retest the daily SMA 200.
Today’s critical levels to watch:
Support: 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3450, 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY reversed the bullish direction today and might start moving lower again. As we mentioned before, there is no breakout from the green box area yet, which mean the situation is neutral. If the pair could break out lower and print a new lower swing low, then the bearish trend could continue. On the upside, a close above the green box area will cancel the bearish outlook.
Today’s critical levels to watch:
Support: 145.00, 142.00,
Resistance: 149.20, 150.00, 151.00
AUD/USD
AUD/USD bounced from the 0.6500 level again and looks set to continue the bullish movement. The pair is respecting the broadening pattern so far, and we expect it will target the top trend line. On the upside, 0.6700 – 0.6750 is also the bullish target to watch. On the lower side, if the pair turn lower again, then it might target the daily SMA 200.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700