USDX (USD Index)
U.S dollar index back to bearish track as it fell and printed new lower swing high. The index is expected to continue lower and target a new lower swing low. 93.97 will become the bearish target to watch. On the upside, a new higher swing high above 97.96 will cancel the bearish scenario and open the path toward the daily SMA 200.
EUR/USD
EUR/USD bounced from the 1.1820 level with strong bullish momentum. The pair looks will resume the bullish trend to retest the 1.2000 – 1.2070 area. If the area broken to the upside, then the next higher swing high might reach up to 1.2200 before turning lower. Traders will maintain long positions for now and use each bearish correction as a chance to add long positions.
Today’s critical levels to watch:
Support: 1.1820, 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.2000
GBP/USD
GBP/USD bounced from the 1.3600 level and made a bullish close. The pair come under bearish pressure today but maintain the gain from previous day. We expect it continue the upward movement to retest the 1.3835 resistance level. On the upside, the 1.4000 level will become the target to watch next. On the lower side, the higher swing low 1.3507 will become new invalidation level for the current bullish leg.
Today’s critical levels to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3835, 1.40000
USD/JPY
USD/JPY fell with strong bearish momentum and currently trading near the green box area. We could see the pair printed a new lower swing high, which further confirmed the bearish intention since latest lower swing low. If there is no major bullish reversal, then USD/JPY should continue lower and print a new lower swing low.
Today’s critical levels to watch:
Support: 155.50, 155.00, 153.00, 151.00
Resistance: 158.89, 160.00
AUD/USD
AUD/USD printing higher, close above the 0.7000 level and looks ready to extend the bullish movement toward 0.7160 level. There is no major bearish sign which mean traders which has long positions could continue to hold the positions with stop below 0.68998. As the trend looks strong, it is better to avoid shorting the pair.
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160