USDX (USD Index)
U.S dollar index made a bullish close but turned lower again today. The index is moving near a bullish trend line and will attempt to break it lower. If the index could break out lower, then the bearish trend could continue. Otherwise, the consolidation will continue near the trend line for now. On the upside, 100.00 could become the potential target again if bullish bounce happen.
EUR/USD
EUR/USD rejection from the 1.1710 resistance level only last for short while. The pair is trading upward and has returned to the level. At the current time, the pair will test the level and attempt for breakout. A breakout above the level and new higher swing high will confirm the continuation of bullish trend. Otherwise, the pair will continue, ranging between 1.1580 – 1.1710.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD tested the 1.3600 level and printed a bearish close. There is no bearish continuation today and the pair looks moving upward. We might see the pair continue testing the 1.3600 level or consolidating between 1.3450 – 1.3600. In the end, we think a bullish breakout will happen and the pair resume the bullish movement to reach new higher swing high.
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 fake breakout happened yesterday as the candlestick formed a bullish pin bar pattern. However, as long as there is no breakout above the candlestick high, the bearish pressure could continue. Today, the pair is under bearish pressure again which suggest another attempt to breakout. On the lower side, 145.00 will become the immediate target when bearish breakout happen.
Today’s critical levels to watch:
Support: 145.00, 142.00,
Resistance: 149.20, 150.00, 151.00
AUD/USD
AUD/USD closed near the 0.6500 level yesterday and there is bounce reaction today. We maintain bullish outlook on the pair and expect continuation to target the top of broadening range. Also the 0.6700 – 0.6750 is the target area to watch. However, if the pair breakout below 0.6500 with strong momentum, then it will target the daily SMA 200.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700