USDX (USD Index)
U.S dollar index slightly higher but no significant bullish movement. If there is no change to the bullish situation, then the index could continue upward to target the daily SMA 200. It might form a rising wedge pattern which is a bearish pattern with the daily SMA 200 as possible top. Traders will wait for further reactions, if the pattern breakout to the downside then traders could add short positions in U.S. dollar.
EUR/USD
EUR/USD got rejected from the 1.1820 level but no bearish follow-through. The pair is bearish and mostly trade near previous day’s low. If there is bearish continuation, then the 1.1710 and the daily SMA 200 will become the targets to watch. Traders could use the bearish correction as a chance to add long positions with stop order below 1.1580.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820,1.2000, 1.2070
GBP/USD
GBP/USD maintain the position above 1.3450 and there is bullish attempt today. However, the bullish attempt lost upward pressure and now trading back near the opening level. If there is another bearish push below the 1.3450 level, then the daily SMA 200 will become target. On the upside, breakout above 1.3600 and new higher swing high will confirm the start of new bullish leg.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600, 1.3835, 1.40000
USD/JPY
USD/JPY continue upward with strong bullish pressure today. It reached the trend line and will test it now. If bullish breakout happen and the pair form new higher swing high, then the situation will turn bullish again. Traders will observe the pair reactions inside the triangle pattern for now.
Today’s critical levels to watch:
Support: 153.00, 151.00
Resistance: 155.00, 155.50, 158.89, 160.00
AUD/USD
AUD/USD continue ranging between the 0.7000 – 0.7160 area. There is no conclusion yet on the pair next direction. However, overall structure is bullish, and we think the pair could continue the upward movement to target the 0.7300 – 0.7330 area. A close below 0.7000 and new lower swing low will cancel the bullish outlook.
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160