USDX (USD Index)

The overall movement of the U.S. dollar index is bearish after inflation numbers continue to show a decrease. It seems the market will continue to assume that the rate cut will happen next month. There is no bullish continuation toward the daily SMA 200 in the U.S. dollar index. If there is no change to the index’s bearish movement, it might break out below 102.00 soon. However, if the index could not print a new lower swing low then it might consolidate between 102.00 – 103.50.

EUR/USD

EUR/USD make a bullish attempt above the 1.1000 resistance level and trigger stop level above it. At the current time, the pair looks moving back below the previous swing high level. It might consolidate near the 1.1000 resistance level for now and traders will wait for further reactions. If the pair could maintain the positions above 1.1000 then we might see immediate continuation toward 1.1120 – 1.1185 levels.

Today’s critical levels to watch:

Support: 1.0900, 1.0800, 1.0650, 1.0500

Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD return above 1.2800 which means the bullish movement might resume to target 1.3000 – 1.3050. At the current time, the pair is under bearish pressure and might retest the 1.2800 level. If the pair could maintain the positions above 1.2800 and bounce from it then the bullish trend could continue. A new higher swing high above 1.3050 will become the long-term bullish continuation.

Today’s critical levels to watch:

Support: 1.2800, 1.2625

Resistance: 1.3000, 1.3050

USD/JPY

USD/JPY consolidating near the 147.00 level without a major clue on the next direction. The pair could extend the bullish movement toward 150.00 and 151.50. However, it also could resume the bearish trend immediately to print a new lower swing low. On the lower side, 141.00, 139.30, and 137.70 will become the support levels to watch as targets.

Today’s critical levels to watch:

Support: 145.00, 142.00, 141.00

Resistance: 147.00, 150.00, 155.00

AUD/USD

AUD/USD climbed above the daily SMA 200 and made a strong bullish close yesterday. The pair is under bearish pressure right now and will retest the daily SMA 200. Traders will wait for bullish bounce reactions from the averages for a chance to enter long positions. On the lower side, 0.6575 might become the level where the pair could bounce if the bearish pressure overstretchs.

Today’s critical levels to watch:

Support: 0.6500, 0.6350, 0.6170, 0.6000

Resistance: 0.6700, 0.6750, 0.6820, 0.7000