USDX (USD Index)
U.S dollar index holding out near the 96.10 level after the Fed minutes of meeting release. There is no change to the long-term bullish outlook of the index yet. At the current time, traders will continue to monitor the movement near 96.10. As long as there is no movement below the 94.00 – 94.30 area then the bullish trend is set to continue.
EUR/USD
EUR/USD mostly sideways inside the 1.1300 – 1.1360 area. The same as the previous day analysis, traders will wait for the breakout from the range with strong momentum. At the current time, the prevailing trend is bearish which means long positions have a higher risk compared to short positions.
Today critical levels to watch:
Support: 1.1300, 1.1185, 1.1120, 1.1000
Resistance: 1.1360, 1.1500
GBP/USD
GBP/USD managed to reach the daily SMA 200 and the 1.3600 resistance level. The pair is slightly lower after the test and falls below the previous day’s low. However, the bearish pressure seems to recede and the pair currently trading near the previous day’s low. If the pair could continue to build bullish pressure and close above SMA 200 or 1.3600 then the trend might switch to bullish.
Today Critical level to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600
USD/JPY
USD/JPY printed another bullish close above 115.90 yesterday. The overall trend is bullish and traders will wait for a bearish pullback toward support level to enter long positions. If the pair reach 114.50 then there is a chance to enter long positions after a bullish reaction. Meanwhile, it is better to continue to avoid short positions.
Today critical levels to watch:
Support: 115.00, 114.50, 113.00, 112.00
Resistance: 115.90
AUD/USD
AUD/USD reversed its direction once again and fall toward 0.7160 support level today. The pair is under bearish pressure and traders will wait for the reaction from the 0.7160 support level. If the pair could maintain the position above 0.7160 then there is a chance of bullish correction toward 0.7300 – 0.7330. On the other hand, a breakout below 0.7160 might trigger a bearish continuation toward 0.7000.
Today critical levels to watch:
Support: 0.7160, 0.7000
Resistance: 0.7300, 0.7330, 0.7450