USDX (USD Index)
The upward pressure of the U.S dollar index has tested the previous swing high. The index printed a bearish close after the test but not a significant bearish close. We might see another bullish attempt to print a new higher high. Meanwhile, if a bearish correction happens then traders will wait near the level around 107.50 for bullish reactions.
EUR/USD
EUR/USD is trading below the parity level and might continue under pressure below it. We still expect a bearish continuation to trigger more stops below the level. However, if the pair could reverse the bearish pressure and close above the parity level then there is a chance of a bullish reversal.
Today’s critical levels to watch:
Support:
Resistance: 1.0000, 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD printed a bullish close yesterday which could signal a possible bottom formation. However, the trend has not turned bullish yet which means the pair could continue the bearish trend anytime. At the current time, if the pair could climb and start a bullish correction then traders will wait near the 1.2000 – 1.2200 area for a chance to enter short positions.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY on the path upward to print a new higher high. There is no change to the bullish outlook yet and each bearish correction is a chance to enter more long positions. At the current time, the level around 135.50 might become the support level to watch for a bounce. It is better to avoid short positions for now until a new lower low is printed on the chart.
Today’s critical levels to watch:
Support: 135.19, 135.00, 131.47
Resistance: 140.00
AUD/USD
AUD/USD made a bullish close and might continue moving upward to test the 0.7000 resistance level. On the lower side, 0.6820 is the bearish target to watch. If the pair could maintain the level above it and print bullish closes then there is a chance for a higher low printed. A breakout and close above the daily SMA 200 will become the major bullish signal to watch.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300