USDX (USD Index)
U.S dollar index continues its gain as worry over rising treasury rates persist. However, as long as there is no new higher swing high printed on the chart, there is a chance of a bearish reversal. At the current time, traders will continue to assume that the upward movement will continue and use each bearish correction in the index as chance to enter long positions in U.S dollar.
EUR/USD
EUR/USD stays under bearish pressure below the 1.0339 level. The pair might resume the bearish movement to target a new lower swing low. No change to the bearish situation as long as the pair could not print a new higher swing high. Traders will continue to use each bullish correction in the pair as a chance to enter short positions.
Today’s critical levels to watch:
Support: 1.0339
Resistance: 1.0650, 1.0800
GBP/USD
GBP/USD printed new lower swing low on the chart which mean the bearish trend will continue. On the lower side, the pair will target the 1.2200 support level next. On the upside, the previous swing low will become a resistance level to watch when the pair attempt a bullish recovery. As mentioned before, the daily SMA 200 is the major level to watch. When a close above it happens, the trend will turn bullish.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY continue its consolidation near the top and maintain the bullish pressure. There is slight weakness today but no major change to the sideways situation. Traders will continue monitor the pair reactions for now. A new higher swing high or a close below 156.763 might give clue on the pair’s next direction.
Today’s critical levels to watch:
Support: 155.00, 151.80, 150.00
Resistance: 158.00
AUD/USD
AUD/USD printed a new lower low on the chart and is set to continue the bearish movement. 0.6000 is the next bearish target to watch for the medium-long term. On the upside, 0.6350 is the level to watch as resistance level. When the pair could breakout and close above the level, then there is chance of trend reversal.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700