USDX (USD Index)
The situation of the U.S dollar index is sideway near the 96.10 level for now. There is no major reaction from the level and traders might want to continue to stay sideline for now. On the long-term view, the index trend is bullish which suggests traders avoid short positions. Traders will use 95.00 and 95.50 as a reference level for a bounce when a retest happens.
EUR/USD
EUR/USD trapped inside the 1.1300 – 1.1360 area and traders will continue waiting for a breakout from the level. No clue yet on the next direction but EUR/USD has not printed a higher swing high which means the trend is bearish. Will the pair continue the bearish trend and target 1.1000? Alternatively, will it start moving upward and target 1.1500 also daily SMA 200?
Today critical levels to watch:
Support: 1.1300, 1.1185
Resistance: 1.1360, 1.1500
GBP/USD
GBP/USD stick near the top of the triangle pattern without a major breakout above it. The pair also trades near the daily SMA 200 and the 1.3600 level. At the current time, the pair might continue consolidation inside the range and traders will wait for a breakout of the range to get a clue on the next direction.
Today Critical level to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600, 1.3835
USD/JPY
USD/JPY tested the 114.50 support level and bounce from it yesterday. There is no bullish follow-through yet today. If the pair continues moving upward then it needs to break 115.90 to continue the bullish trend. On the lower side, a close below 114.50 or the trendline could change the trend from bullish to bearish.
Today critical levels to watch:
Support: 115.00, 114.50, 113.00, 112.00
Resistance: 115.90
AUD/USD
AUD/USD building more bullish pressure and printing higher high above previous week’s high. The pair are now set to continue upward and target the 0.7300 – 0.7330 area also the daily SMA 200. Traders will observe the pair reaction near both resistances levels. If there is a bearish reaction then traders could enter short positions.
Today critical levels to watch:
Support: 0.7160, 0.7000
Resistance: 0.7300, 0.7330, 0.7450