USDX (USD Index)
U.S dollar index back under bearish pressure, but we could say the latest movement still sideways with no new higher swing high or lower swing low. The index might continue moving sideways and it is better to wait for more confirmation. When the index print new higher swing high or lower swing low, it is the time to start taking positions.
EUR/USD
EUR/USD continue moving upward after the bounce from 1.1580 and reached the level near 1.1710. The pair has not left the 1.1580 – 1.1710 area, which mean no change to the outlook. Traders will continue to wait until the breakout and close outside the range happen. In the long-term, we still see the pair continue the bullish movement to reach new higher swing high. However, if the pair pushed lower and close below 1.1300 then the bullish outlook cancelled.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD maintain the position inside the 1.3450 – 1.3600 area, which mean no breakout from the range yet. The pair will continue the consolidation for now, and traders will wait for a close outside the range. Nothing changed yet, traders who want to trade could use the range to do range trading strategies. However, we maintain a bullish outlook and will use each touch on the support level to accumulate long positions for now.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY sideways situation continue, and it has happened for few weeks. Traders will stay sideline and wait for a breakout from the ranging situation to happen. We expect a bearish breakout to form new lower swing low. On the upside, a close above the green box area will become the invalidation of the bearish scenario.
Today’s critical levels to watch:
Support: 145.00, 142.00,
Resistance: 149.20, 150.00, 151.00
AUD/USD
AUD/USD continue the upward movement above 0.6500, and it looks like will target the 0.6700 – 0.6750 area. The pair is moving inside the broadening pattern, which give chance it continues upward to reach the top of range. However, if the pair turn lower again, then we might see ranging movement near 0.6500.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700