USDX (USD Index)
The bullish movement of U.S dollar index continue as the index printed a new higher high. However, the upward movement show bearish reactions and the index might close the day on bearish side. If the index starts a new bearish correction, traders will wait near support level to enter long positions in U.S dollar.
EUR/USD
EUR/USD stick near the parity level with some momentum movement away from the level. Traders will continue to monitor the pair reactions near the parity level. We think the pair could continue the bearish movement to trigger a stop below the level. However, if the pair start a new bullish movement again the traders will have a chance to enter short positions at a higher level.
Today’s critical levels to watch:
Support:
Resistance: 1.0000, 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD printed a new lower low on the chart but managed to recover near its opening level. The pair situation might continue bearish but there is a chance of bullish correction before further weakness. Traders will monitor the pair reaction near the 1.2000 – 1.2200 area for a chance to enter short positions when retests happen.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY climb upward and set to retest previous swing high. We think the pair will print a new higher high and confirm a bullish continuation. However, the index is also under threat of bearish correction as the U.S dollar index shows bearish reactions after a new higher high. If the pair start a new bearish correction then traders will wait near the 135.00 – 136.00 area for a chance to enter long positions.
Today’s critical levels to watch:
Support: 135.19, 135.00, 131.47
Resistance: 140.00
AUD/USD
AUD/USD tested the 0.7000 resistance level yesterday and showed a bearish reaction. The pair continues moving lower today to target the 0.6820 support level. However, the bearish pressure has receded and the pair currently trading above the opening level. If the pair continues moving upward then it will target the 0.7160 and daily SMA 200 when 0.7000 is broken.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300