USDX (USD Index)
U.S dollar index fall and print new lower low. The index is set to continue the bearish correction toward the Fibonacci Retracement levels and the daily SMA 200. When the index reached the support levels, traders could wait for bullish reactions to enter long positions in U.S. dollar.
EUR/USD
EUR/USD gaining more ground and has reached the 1.0500 resistance level. The pair will test the resistance level and attempt to breakout toward 1.0650. If the pair could close above 1.0650 and daily SMA 200 then traders will get initial confirmation of bullish reversal. On the other hand, if bearish rejection happen, then the pair might turn lower to retest 1.0339.
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 reached the 1.2625 resistance level where it will test the level and daily SMA 200. If the pair could break out and close above both levels, then the trend might turn bullish for medium-long term. On the other hand, if the pair get rejected with strong bearish reaction and form new lower swing low, then the situation could turn bearish again.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY closed below the daily SMA 200 where it might resume the bearish movement to print new lower swing low. It might be better to wait for more confirmation before jump in major positions. At the current time, we have a higher swing low and lower swing high, which mean the trend is neutral.
Today’s critical levels to watch:
Support: 151.80, 150.00
Resistance: 155.00, 158.00
AUD/USD
AUD/USD closed near the 0.6350 resistance level last week. It means the pair has not confirmed a breakout above the level yet and will continue testing the level this week. As mentioned before, if the pair could break out and close above 0.6350 with strong bullish momentum, then the trend will turn bullish.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700