USDX (USD Index)
The bearish pressure on the U.S. dollar index seems has been subsided. The index attempting to reverse the current bearish trend and start moving upward before U.S job data. If the index could continue moving upward then the 103.82 and daily SMA 200 will become targets. On the lower side, there is no change to the bearish target which is the 100.00 level. Traders could consider entering long positions in the U.S. dollar when the index reaches the support level and form major bullish reactions.
EUR/USD
EUR/USD got rejected from the 1.1000 resistance level yesterday. The pair have completed the bullish target and might start a bearish correction. If the pair start moving lower then traders could wait near the 1.0800 and 1.0650 support levels for a chance to enter long positions on bullish reactions. On the upside, if the pair could close above 1.1000 with strong bullish momentum then the bullish trend will continue.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0339, 1.0000, 0.9500
Resistance: 1.0900, 1.1000
GBP/USD
GBP/USD is slightly lower and getting near the 1.2000 – 1.2200 support level. The pair might continue lower and test the area also the daily SMA 200. Traders will observe the pair’s reaction near both levels. If there are bullish reactions then traders could enter long positions. However, if the pair continues moving lower and print a new lower low then traders will prepare for a bearish continuation.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY continues moving bearishly inside the bearish channel and there is no change to the situation. As long as the pair continues moving inside the bearish channel and print new lower lows and lower highs then the bearish trend will continue. On the upside, if the pair could breakout higher then the green box area and daily SMA 200 will become targets.
Today’s critical levels to watch:
Support: 125.00
Resistance: 130.00
AUD/USD
AUD/USD got rejected from the 0.7160 resistance level and looks will start a bearish correction. On the lower side, if the pair could reach 0.7000 or 0.6820 then traders could prepare to enter long positions. A breakout and close above 0.7160 will become a major bullish confirmation. Traders could place a stop level below the daily SMA 200 in case of a major bearish reversal.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000