USDX (USD Index)
U.S dollar index stay on the bullish track and extend the upward movement today. The bullish movement continue after the release of inflation data which was inline with expectation but higher than previous release. It seems the index will continue the bullish movement for now and traders better avoid shorting U.S dollar for now. Tomorrow, traders will focus on the release of PPI data and unemployment claims.
EUR/USD
EUR/USD extended the bearish movement today with moderate bearish momentum. The pair will attempt to continue the bearish trend and print a new lower swing low on the chart. On the upside, a close above 1.0650 might confirm an initial bullish reversal. However, if the pair get rejected near the level then traders could add more short positions expecting the bearish trend to continue.
Today’s critical levels to watch:
Support:
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120
GBP/USD
GBP/USD stalled near the 1.2800 and daily SMA 200 level. The pair might be under bearish pressure today but it might close inside the previous day’s range. There is no major confirmation yet on the pair’s next direction. If the pair could climb and close above 1.2800 also the daily SMA 200 then the trend could turn bullish for the short-medium term. On the other hand, bearish rejection with strong momentum might confirm a bearish continuation to target the level below 1.2625.
Today’s critical levels to watch:
Support: 1.2625, 1.2200
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY gaining more ground and currently trading above 151.80 also the daily SMA 200. If there is no change to the pair’s direction of movement then it could continue the bullish movement to target a new higher swing high. However, if the pair turn lower again with strong bearish momentum below 151.80 and daily SMA 200 then we might see a bearish reversal. A new higher swing high or lower swing low will confirm the pair’s next medium-term direction.
Today’s critical levels to watch:
Support: 151.80, 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD continue the bearish movement and printed new lower low today. The pair is on the path lower to target the 0.6300 level. Under current situation, traders will observe the pair bearish movement toward support level. When there is bullish reactions and movement toward resistance level, traders could consider adding short positions. A stop-hunting might happen below 0.6300 before any bullish reversal to happen.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000