USDX (USD Index)

The “W” pattern in the U.S dollar index has not broken to the upside yet. The index currently trading sideways near the blue box area. Without a close above the blue box area, the “W” pattern won’t be confirmed and the bullish projection toward 92.00 – 93.00 will be canceled.

Traders will wait for either a breakout and close above the blue box area or close below 88.60 for now.

EUR/USD

EUR/USD currently trading in the middle of 1.2070 – 1.2200 and waiting for a trigger to move. The pair seems to form a shoulder-head-shoulder pattern with 1.2000 – 1.2070 as the neckline. If the area is broken to the downside then traders will prepare for a pullback toward 1.1820. On the other hand, as long as there is no breakout, the pair could continue trading to the upside.

today critical levels to watch:

Support: 1.2070, 1.2000

Resistance: 1.2200, 1.2300, 1.2500

GBP/USD

GBP/USD maintains the level above 1.3600 and sticks near January’s high. The pair is waiting for the trigger to move further upside toward 1.3835 and 1.4000. At the current time, traders who have long positions will continue to hold the positions. Meanwhile, traders who have no long positions could wait until the pair test either 1.3450 or 1.3600.

Today Critical level to watch:

Support: 1.3600, 1.3450, 1.3330, 1.3300

Resistance: 1.3835, 1.4000

USD/JPY

USD/JPY extended its bullish breakout and managed to reach the 105.00 resistance level. The pair might continue its bullish movement and target the daily SMA 200. At the current time, traders will wait for the pair reaction from 105.00 resistance.

Today critical levels to watch:

Support: 104.00, 101.50, 101.19

Resistance: 105.00, 106.00, 106.70

AUD/USD

AUD/USD pushed below 0.7640 support level but no close below it so far. The pair opened below the support level but currently has moved back above it. If the pair could continue to maintain the close above 0.7640 then traders will expect a continuation of the bullish trend toward 0.8000.

Today critical levels to watch:

Support: 0.7640, 0.7550, 0.7500

Resistance: 0.7700