USDX (USD Index)
U.S dollar index moves lower again today, continuing its bearish pressure after printing a new lower swing low. Price breaks below yesterday’s low and remains inside the bearish momentum. We have a clear bearish confirmation now, and traders will continue shorting the U.S. dollar for now. The next targets to watch are 97.43, followed by the deeper Fibonacci level near 93.97.
EUR/USD
EUR/USD continues its upward movement and breaking above 1.1710. A continued push may allow EUR/USD to retest 1.1820, and a breakout above this level may trigger acceleration toward the next resistance zone near 1.2000. If price started a bearish correction, then 1.1710 remains the nearest support for the bull to add long positions.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820
GBP/USD
GBP/USD remains supported and continues to trade inside a tight bullish structure. There is upward attempt toward the 1.3450 resistance level today but the pair turn lower before it could touch the level. If bullish momentum continues, the pair may attempt a breakout above 1.3450, aiming toward 1.3600. If a pullback develops, then the key supports sit at 1.3300 – 1.3330, followed by 1.3250.
Today’s critical levels to watch:
Support: 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3450
USD/JPY
USD/JPY moves lower today, but looks starting a recovery as it is supported by the 38.2% Fibonacci Retracement level. If the decline continues, traders could observe the reaction near the green box area. If the pair bounce upward from the box area, then traders could long positions. However, if the pair breakout below the box area and print a new lower swing low, then the trend might turn bearish.
Today’s critical levels to watch:
Support: 155.00, 153.00, 151.00
Resistance: 158.89, 160.00
AUD/USD
AUD/USD experience bearish pressure today, but the pair manage to recover and currently trading not far from the opening level. Momentum remains bullish as the pair slowly grinding upward. If the bull can push the pair above 0.6700, the next upside target sits at 0.6750 – 0.6820. If a pullback occurs, then 0.6640 and 0.6600 becomes the first support to watch for potential bullish continuation.
Today’s critical levels to watch:
Support: 0.6600, 0.6560, 0.6500
Resistance: 0.6700