USDX (USD Index)
U.S dollar index continues to move weakly and remains under pressure below the 100.00 psychological level. The index is currently stick near 99.00 after failing multiple times at the 100.00 resistance. As long as it stays below the falling daily SMA 200, the bearish outlook remains intact. If downside pressure extends, then the price may target 97.43. Upside recovery will only gain momentum if U.S dollar index breaks above 100.00, but for now the trend continues to favor the bear.
This week FOMC meeting should become catalyst of next movement of the index.
EUR/USD
EUR/USD remains stable and trades not far from 1.1710 resistance area. The pair continues to form higher lows while staying above the 1.1580 support. If buyers maintain control, a breakout above 1.1710 may open the path toward 1.1820. On the downside, the nearest support sits at 1.1580, and deeper correction may revisit 1.1500. Overall bias stays mildly bullish, and the next direction might depend on this week FOMC meeting.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD remains supported above the 1.3300 zone after last week’s strong bullish rally. The pair is consolidating and may attempt another push toward 1.3450 resistance. If this level breaks, then 1.3600 becomes the next upside target. If bearish pressure develops, then supports to watch are 1.3300, 1.3250, and 1.3125. Trend remains bullish as long as the price stays above the SMA 200 and 1.3250.
Today’s critical levels to watch:
Support: 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3330, 1.3450
USD/JPY
USD/JPY bounced strongly from the green box area, confirming the bulls are still defending this key demand area. The bullish structure remains intact, and today’s rebound suggests the pair may resume its upward movement. If momentum continues, then the pair will attempt to target a new higher swing high. As long as price stays above 154.36 (New swing low), the overall outlook remains bullish, and traders may continue to look for long opportunities on dips.
Today’s critical levels to watch:
Support: 155.00, 153.00, 151.00
Resistance: 158.89, 160.00
AUD/USD
AUD/USD continues its bullish climb and trades near the multiple highs between Sep-Oct. If bullish momentum continues, the next resistance levels to watch are 0.6700, 0.6750 and 0.6820. If a pullback occurs, then traders could use the chance to add more long positions. Outlook stays bullish as long as the structure holds above 0.6500.
Today’s critical levels to watch:
Support: 0.6600, 0.6560, 0.6500
Resistance: 0.6700