USDX (USD Index)
U.S dollar index has reached the 90.00 support level target. The index made a bearish close below the level yesterday. There is a bullish reaction today testing the broken level. It seems the index will close the weekly trading session near 90.00.
A bullish bounce might happen at the current level, however, traders might want to stay sideline and wait for the bullish correction to reach the nearest resistance level. When there is a bearish reaction from the resistance level then traders could enter short positions in the U.S dollar.
EUR/USD
EUR/USD extended its bullish close above 1.2200 and is now set to target 1.2300. The pair has not shown any bearish reaction which suggests traders continue to hold long positions. If a bearish correction happens then traders could consider entering long positions.
today critical levels to watch:
Support: 1.2200, 1.2070, 1.2000
Resistance: 1.2300, 1.2500
GBP/USD
GBP/USD jumped upward and reached the 1.3600 resistance level. The pair made a bullish close near the resistance level and set to attempt for a breakout above it. At the current time, the pair pushed lower from the resistance level. GBP/USD might trade between 1.3450 – 1.3600 for now while waiting for a further bullish trigger.
Today Critical level to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600
USD/JPY
USD/JPY printed a lower swing low and set to continue its bearish movement toward 101.50 and 100.00 support levels. There is a bullish reaction today but the pair continue trading inside the previous day range. We think traders who have short positions could continue to hold the positions until there is a higher swing high formed.
Today critical levels to watch:
Support: 101.50, 101.19
Resistance: 104.00, 105.00, 106.00, 106.70
AUD/USD
AUD/USD extended its bullish close near 0.7640. The pair bounce from the top of the bullish channel and continue to be unstoppable. There is no reason to take short positions yet for now. Traders will continue to hold long positions and watch the pair reactions near the resistance levels.
Today critical levels to watch:
Support: 0.7600, 0.7550, 0.7500, 0.7450
Resistance: 0.7640