USDX (USD Index)
U.S dollar index gaining more bullish pressure above the 103.82 resistance level and might continue moving toward the daily SMA 200. Traders will wait for the closing level at the end of the week to determine the index’s next direction. If the index closes below the 103.82 level then we might see a bearish continuation toward the 100.00 support level. On the upside, traders will wait near the daily SMA 200 for a chance to enter short positions.
EUR/USD
EUR/USD pushed lower below the 1.0650 support level. However, the bearish pressure seems to recede and the pair might close the day above the support level. If the pair could close the week above the 1.0650 level then the consolidation between 1.0650 – 1.0800 will continue. We still think the pair could continue the bullish trend and target the 1.1000 level again or higher.
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 trading below the 1.2000 level and might resume the bearish trend below it. However, the pair attempting to make recovery right now. If the pair could close above 1.2000 then the consolidation between 1.2000 – 1.2200 will continue. On the upside, a close above 1.2200 is a bullish confirmation to target the 1.2625 and 1.2800 resistance levels. At the current time, it is better to wait and see where the closing level is at the end of the week.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY is building more bullish pressure and is set to target the daily SMA 200. There is no change to the situation and traders who already has long positions will continue to hold the positions. On the upside, when there is bearish reactions near the daily SMA 200, traders could enter short positions. A close above the daily SMA 200 might signal a trend change from bearish to bullish.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD reached the 0.6820 support level and daily SMA 200. We have bounce reactions from both support levels which could turn into a new bullish leg. Traders who has entered long positions near both support level could continue hold the positions with stop below it. We think the pair could continue the upward movement to retest the 0.7000 and 0.7160 resistance level. A close above 0.7160 resistance level is a major bullish confirmation.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000