USDX (USD Index)
U.S dollar index pushed lower at early session but currently has moved above the opening level and challenging yesterday’s high. The index has chance to extend the bullish movement toward the daily SMA 200. Structure is bullish for short-term, but bearish for medium-long term. Traders will observe the reactions near the resistance level to enter short positions in U.S. dollar.
EUR/USD
EUR/USD experience another rejection at the 1.1820 level where it might extend the weakness toward 1.1710 support level. Overall, the pair is in a bearish correction phase with the 1.1710 and daily SMA 200 as possible target. When there is strong bullish reactions, traders could add long positions targeting a new higher swing high.
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 back under bearish pressure, engulfed four prior candles, which is strongly bearish. If the pair breakout below 1.3450 support level, then we will see extension toward the daily SMA 200. Traders will observe closely the reactions near the levels, when there is strong bounce reactions, traders could enter long positions.
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 has broken above trend line and there is retest on the trend line which resulted in a bounce. The pair might attempt to extend the upward movement to test the previous swing high. If the pair could climb and print a new higher swing high, then there is chance for a move toward the 159.468 – 160.00 area. On the lower side, a lower swing low below 152.288 will become invalidation of the long scenario.
Today’s critical levels to watch:
Support: 155.50, 155.00, 153.00, 151.00
Resistance: 158.89, 160.00
AUD/USD
AUD/USD slightly lower today but manage to recover half of the losses. Overall, the bullish scenario still on the table, we expect breakout above 0.7160 to target 0.7300 – 0.7330 area. However, if the pair continue moving lower and close below 0.7000 then we might enter a bearish correction period with 0.6750 – 0.6820 as possible target.
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160