USDX (USD Index)
U.S dollar index might be under bearish pressure, but there is bullish bounce reactions from the Fibonacci Retracement levels. If the index continues moving upward, then it will resume the bullish trend to target a new higher swing high. However, if the index reverse and turn lower, then the daily SMA 200 will become the bearish target to watch next.
EUR/USD
EUR/USD continue to stick near the 1.0500 level and keep testing the resistance level. The pair is looking to breakout today above the 1.0500 but experience bearish rejection. There is no major bearish movement and no breakout confirmation yet. Traders will continue to monitor the pair reactions near 1.0500. As mentioned before, a breakout and close above the level will confirm continuation toward 1.06500 and daily SMA 200.
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 is testing the daily SMA 200 after a close above 1.2625. The pair might continue to consolidate near the current level and looking to breakout above the level. However, if bearish rejection happen, then the pair might move lower to find support around 1.2500 – 1.2550. A breakout and close above daily SMA 200 followed by new higher swing high will confirm the bullish continuation.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY testing the 149.20 level as it move below the 150.00 level. The pair on the verge of printing a new lower swing low to confirm a bearish continuation. On the upside, 151.00 and daily SMA 200 is the resistance level to watch. We maintain bearish outlook on the pair as BOJ might turn hawkish to fight rising inflation in Japan.
Today’s critical levels to watch:
Support: 149.20
Resistance: 150.00, 151.00, 151.80
AUD/USD
AUD/USD has closed above the 0.6350 level, which mean the pair might continue the bullish movement to target daily SMA 200 and 0.6500. At the current time, the pair will use 0.6350 broken level as support to bounce and continue the bullish movement. However, if the pair turn lower again below the level, then it needs to find support and print a new higher swing low to maintain the bullish leg.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700