USDX (USD Index)
The upward movement of the U.S. dollar index continues in today’s trading session. The index might target the daily SMA 200 in several days if there is no change in the situation. If the index could close above the daily SAM 200 then the bullish trend is set to continue. On the other hand, if a bearish reversal happens then the U.S. dollar index will trade lower to target a new lower low.
EUR/USD
EUR/USD printed a bearish close yesterday and there is a bearish continuation in today’s trading session. If the pair continues the downward movement then it will target the 1.0339 and daily SMA 20. Under the current situation, traders will avoid long positions and await the pair to reach the bearish target. When the pair reach the target and form a major bullish reaction then traders could enter long positions.
Today’s critical levels to watch:
Support: 1.0339, 1.0000, 0.9500
Resistance: 1.0650
GBP/USD
GBP/USD made a bearish close below the 1.2000 support level and there is a bearish continuation in today’s trading session. The pair seems will continue the bearish movement to target the 1.1450 support level. If the pair make a bullish reversal and print a close above 1.2200 or the daily SMA 200 then there is a chance of a bullish continuation. At the current time, traders will use the 1.2000 – 1.2200 area as a place to enter short positions when retests happen.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY gain more bullish pressure and traded upward for fourth days. The pair currently trading near the top of the bearish channel and will test it. A breakout and close above the channel will confirm an upward continuation toward the daily SMA 200. If the pair get rejected with strong bearish pressure then traders could enter short positions to target a new lower low.
Today’s critical levels to watch:
Support: 139.30, 135.19, 135.00
Resistance: 140.00, 145.00, 150.00
AUD/USD
AUD/USD got rejected from the daily SMA 200 again and closed inside the 0.6700 – 0.6820 area. The pair seems will continue the consolidation inside the 0.6700 – 0.6820 area. As long as the pair stay inside the area, traders could continue to apply range trading strategies. When a breakout and close outside of the range happen, traders could enter positions based on the breakout direction.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000