USDX (USD Index)
U.S dollar index turned upward again at the end of the week, which might open a bullish continuation to target the new higher swing high. In the weekend, President Trump announced tariff against Mexico, Canada and China which could bring pressure to the global market and bring the index further upward. Under current situation, traders better stick with bullish outlook on the U.S. dollar index until major bearish reversal happen.
EUR/USD
EUR/USD turn lower and getting near the 1.0339 support level again. The pair might retest the level this week and provide traders with reactions. If the pair could bounce upward strongly and form a new higher swing low, then there is chance of bullish continuation. A new higher swing high and a close above 1.0650 will confirm the upward continuation toward daily SMA 200.
Today’s critical levels to watch:
Support: 1.0339, 1.0200, 1.0100, 1.0000
Resistance: 1.0500, 1.0650, 1.0800
GBP/USD
GBP/USD back under bearish pressure, but might attempt to extend the bullish movement toward 1.2625 and daily SMA 200 this week. However, if bearish pressure continue to mount and the pair fall with strong bearish momentum, then traders could expect another retest on the 1.2000 – 1.2200 area.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY made a bullish close at the end of the week, which erased half of the bearish movement. The pair might attempt to move upward and retest the 156.76 level. On the upside, a new higher swing high will confirm the bullish continuation to target 162.53. Meanwhile, if the pair continue moving lower, then traders could wait near daily SMA 200 for bullish reactions.
Today’s critical levels to watch:
Support: 155.00, 151.80, 150.00
Resistance: 158.00
AUD/USD
AUD/USD bullish attempt at the end of the week failed to print a higher close. The pair closed near the opening level and practically extending the bearish close for five consecutive day. If the pair resume the bearish movement and manage to print a new lower swing low, then the trend will continue to be bearish. On the upside, a close above 0.6350 will cancel the current bearish outlook.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700