USDX (USD Index)
U.S dollar index back under bearish pressure today after yesterday’s bullish close. The movement of the index seems consistent with daily SMA 200 as target. Traders will wait near the averages for bullish reactions. When there are bullish reactions, traders could enter long positions with expectation of bullish continuation. However, if a close below daily SMA 200 happen, then traders could expect long-term bearish continuation.
EUR/USD
EUR/USD stick near the 1.0500 level and keep attempting to breakout higher. The pair will continue to trade near the level for now, and traders will wait for reactions. A bullish breakout is imminent and the 1.0650 also daily SMA 200 will become the bullish target to watch.
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 consolidating between the 1.2625 and daily SMA 200. The pair is looking to breakout above the resistance level as the U.S. dollar index making pullback. However, if bearish rejection happen and the pair fall with strong bearish momentum, then the situation might turn bearish. At the current time, traders will observe the pair reactions near both 1.2625 and daily SMA 200.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY pushed lower with strong bearish momentum today, but the pair manage to recover part of the losses. Even though the pair might maintain the positions near the current level. We think the pair will continue the bearish movement to target a new lower swing low. Under current situation, traders will wait for bullish correction toward resistance level for chance to enter short positions.
Today’s critical levels to watch:
Support: 149.20
Resistance: 150.00, 151.00, 151.80
AUD/USD
AUD/USD turned lower below the 0.6350 level today, which mean the pair failed to continue the bullish movement. However, the current bearish movement might be a temporary movement to take liquidity at lower level before continue moving upward. We maintain the bullish outlook and expect the pair to reach 0.6500 and daily SMA 200.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700