USDX (USD Index)
U.S dollar index turned upward again but no strong bullish momentum yet. The index might attempt to continue the bullish movement to print a new higher swing high. However, we think the index will reach the Fibonacci Retracement levels and the daily SMA 200 before it make a significant bounce. On the lower side, a close below daily SMA 200 will confirm the start of bearish trend.
EUR/USD
EUR/USD get rejected from the 1.0500 resistance level and looks turning lower slowly. The current bearish movement might be a corrective movement before upward continuation. On the upside, if the pair could break out and close above 1.0500 then it will target 1.0650 and daily SMA 200. On the lower side, a close below 1.0339 and new lower swing low will confirm the continuation of bearish trend.
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 stuck near the 1.2625 and show bearish reaction today. However, there is no strong bearish reactions and the pair might continue trading sideways near the 1.2625 level. On the upside, the daily SMA 200 is the resistance level to watch. A new higher swing high above the level or a close above 1.2800 will confirm the switch to long-term bullish trend.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY is consolidating between 151.00 and daily SMA 200. No breakout from the range, which mean the situation is sideways. If the pair breakout lower, then we will have new lower swing low which confirm the continuation of bearish trend. Meanwhile, if the pair could bounce upward and print new higher swing high, then it will resume the bullish trend.
Today’s critical levels to watch:
Support: 151.00, 150.00
Resistance: 151.80, 155.00, 158.00
AUD/USD
AUD/USD mostly sideways near the 0.6350 level, which mean it is better to “wait and see” for now. As mentioned before, if the pair could break out and close above the level, then traders will see bullish continuation to target 0.6500 and daily SMA 200. Meanwhile, a major bearish rejection with strong momentum might turn the trend bearish to target a new lower swing low.
We favor bullish scenario, but buying near current level is buying at resistance level, so refrain from adding more long positions until bullish breakout happen.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700