USDX (USD Index)
The index managed to close near the top of the blue box area yesterday. However, there is no bullish reaction, and the index currently under bearish pressure near the bottom of the blue box. If the index breakout and closes below the blue box area then traders will prepare for further weakness.
On the other hand, if the index could climb and close above the blue box area then traders will expect continuation toward 92.00 – 93.00.
EUR/USD
EUR/USD building more bullish pressure and crosses above 1.2070. The pair might continue its bullish movement and target the 1.2200 resistance level. As long as there is no higher high printed or a close above 1.2200 then traders could expect the trend will remain bearish for the short-medium-term.
today critical levels to watch:
Support: 1.2070, 1.2000, 1.1820
Resistance: 1.2200
GBP/USD
GBP/USD moving upward strongly today and printed a new higher high. The pair is set to target 1.3835 and 1.4000 resistance levels as mentioned before. Under the current situation, traders who have long positions could continue to hold the positions. Meanwhile, traders who have no long positions will wait for a bearish correction before entering long positions.
Today Critical level to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300
Resistance: 1.3835, 1.4000
USD/JPY
USD/JPY was rejected from the daily SMA 200 and fall below the 105.00 level today. The pair has strong bearish momentum which might trigger further bearish continuation. If the pair continues moving lower then the top of the bearish channel will become the level to watch.
Today critical levels to watch:
Support: 104.00, 101.50, 101.19
Resistance: 105.00, 105.50, 106.00, 106.70
AUD/USD
AUD/USD extended its bullish close. The pair closed above 0.7690 and continue adding gain today. We might see the pair trading between 0.7690 – 0.7750 while waiting for the formation of a higher high above the 0.7750 resistance level. If the pair could not print a higher high above the level then traders will prepare for a bearish reversal.
Today critical levels to watch:
Support: 0.7640, 0.7550, 0.7500
Resistance: 0.7700, 0.7750