USDX (USD Index)
U.S dollar index closed lower yesterday below 96.10. It is not a major bearish close as the index currently trades back above the level. No change to the bullish outlook of the index. If the index makes a bearish correction then traders will observe the index reaction at 94.00 – 94.30 area. On the upside, 97.50 and 100.00 will continue to become the bullish targets.
EUR/USD
EUR/USD reclaimed the 1.1300 – 1.1360 area. There is no breakout above the area yet which means the trend will continue to bearish for now. The pair need a close above 1.1360 to confirm the continuation of bullish correction toward 1.1500. If the pair reverse the bullish direction and falls with strong bearish momentum then it could target 1.1000.
Today critical levels to watch:
Support: 1.1185, 1.1120, 1.1000
Resistance: 1.1300, 1.1360, 1.1500
GBP/USD
GBP/USD closed higher above the 1.3250 resistance level. The pair currently turn lower and is set to retest the broken 1.3250 level. If the pair could continue to maintain the position above 1.3250 and bounce from it then the bullish correction could continue toward 1.3450 and daily SMA 200. On the other hand, a close below 1.3250 could signal further weakness to target 1.3000.
Today Critical level to watch:
Support: 1.3250, 1.3000
Resistance: 1.3300, 1.3330, 1.3450
USD/JPY
USD/JPY trade lower yesterday and there is bearish follow-through today. The pair might resume the weakness to target the 112.00 support level. However, the pair seems recovering slowly right now. If the pair could close the day near the opening level then there is a chance of bullish continuation to target 114.50 resistance level next week.
Today critical levels to watch:
Support: 113.00, 112.00
Resistance: 114.50, 115.00, 115.90
AUD/USD
AUD/USD made a close above 0.7160 resistance level. It is a bullish development but not a strong one. The pair is currently under bearish pressure and fall below 0.7160. We might see the pair close near the 0.7160 and waiting for further development next week. If the pair continues moving upward then 0.7300 – 0.7330 will become the upward target.
Today critical levels to watch:
Support: 0.7000
Resistance: 0.7160, 0.7300, 0.7330