USDX (USD Index)
U.S dollar index was under bearish pressure today before the release of U.S. CPI data. After the data release, there is a bearish continuation but the index seems to manage to reverse the bearish pressure now. If the index maintains its position near the current level then we might see a further upward attempt toward the 103.82 resistance level. A breakout and close above the resistance level will open the path toward the daily SMA 200.
EUR/USD
EUR/USD bullish attempt at the 1.0800 resistance level experience bearish rejection today. The pair move back toward the opening level and might close the day near it. It seems the consolidation between 1.0650 – 1.0800 in EUR/USD will continue and traders will wait for close outside of the range to confirm the next direction. On the lower side, the daily SMA 200 will become a target if a bearish breakout happens. On the upside, 1.1000 and higher will become the bullish target.
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 make a bullish attempt above the 1.2200 resistance level today. The bullish pressure manage to break out above the level but the pair move lower back below it now. The pair consolidation between 1.2000 – 1.2200 might continue if the pair closes inside the range. Traders will continue waiting for the breakout and close outside of the range to confirm the next direction. Meanwhile, it is better to stay sideline or continue to apply a range trading strategy.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY initially pushed lower toward the green box area. However, the bearish pressure has receded, and the pair bounced from the green box area. If the pair could build more bullish momentum and close above yesterday’s high then the upward movement could continue toward the daily SMA 200. A close below the green box area might confirm a bearish continuation to target a new lower low.
Today’s critical levels to watch:
Support: 130.00, 125.00
Resistance: 133.00, 137.70
AUD/USD
AUD/USD makes a bullish attempt above the 0.7000 resistance level. But the pair get rejected and trade back near the opening level. No breakout and close above the resistance level in the short-term. Traders might want to continue to observe the pair reaction near 0.7000. If the pair resume the bearish movement then it is better to wait near 0.6820 and daily SMA 200 for bullish chance.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000