USDX (USD Index)

The U.S. dollar index made another bullish close yesterday, which means the bearish correction has ended, and we might see further attempts to print a new higher swing high. As mentioned before, the structure is bullish, which means traders will continue adding long positions in the U.S. dollar whenever a bearish correction occurs.

EUR/USD

EUR/USD made a bearish close yesterday but maintained the position near 1.0339. The pair might continue under bearish pressure but as long as it stays above 1.0399, there is a chance of a bullish continuation to test 1.0500. On the upside, a close above 1.0650 will become a major bullish reversal confirmation. On the lower side, a new lower swing low will confirm the continuation of the bearish trend.

Today’s critical levels to watch:

Support: 1.0339

Resistance: 1.0650, 1.0800

GBP/USD

GBP/USD could not reach the 1.2625 level as it printed a bearish close yesterday. The bearish situation has not changed and there is a chance the pair will print a new lower swing low. However, on the upside, a close above the daily SMA 200 will cancel the bearish outlook and bring the pair back into a bullish trend. Under the current situation, traders will assume each bullish movement is a chance to enter short positions near the resistance level until a close above the daily SMA 200 happens.

Today’s critical levels to watch:

Support: 1.2200

Resistance: 1.2625, 1.2800, 1.3000

USD/JPY

USD/JPY made a bullish attempt and manage to print a new higher high. However, the pair movement has no strong momentum. It seems the consolidation might continue for now. Traders will continue to monitor the pair’s reactions. When it moves out of the consolidation range with strong momentum, traders will get confirmation on the next direction.

Today’s critical levels to watch:

Support: 155.00, 151.80, 150.00

Resistance: 158.00

AUD/USD

AUD/USD bullish attempt could not produce bullish close on the daily chart yet. The pair closed inside the previous candlestick’s range which mean indecision. On the upside, the pair need to close above 0.6350 to initially confirm a bullish reversal. As long as the pair continue printing new lower swing high and lower swing low, the bearish trend will continue.

Today’s critical levels to watch:

Support: 0.6250, 0.6000

Resistance: 0.6350, 0.6500, 0.6700