USDX (USD Index)
U.S dollar index extended the bullish movement and printed a new higher swing high on the daily chart. The bullish trend will continue and there is no sign of weakness yet. Under the current situation, traders will continue to maintain a bullish outlook and avoid shorting the U.S. dollar. Whenever the index starts a bearish pullback, traders could wait near the support level for bullish reactions and a chance to add more long positions.
EUR/USD
EUR/USD is on the path lower as it is under bearish pressure and printed a new lower swing low. The pair is expected to continue the bearish trend and traders better avoid taking long positions for now. On the upside, the pair needs to print a new higher swing high or close above 1.0500 to confirm a bullish reversal initially. Without a new higher swing high or higher swing low, it is better to maintain a bearish view of the pair.
Today’s critical levels to watch:
Support: 1.0339
Resistance: 1.0650, 1.0800
GBP/USD
GBP/USD extended the bearish movement and printed a new lower swing low. It has reached the 1.2200 bearish target for now. If there are no major bullish reactions, then the pair could continue the bearish trend and target 1.2100 and 1.2000. On the upside, the pair needs to close above 1.2625 to reverse the current bearish trend. When the pair closes above the daily SMA 200, then the overall trend might turn bullish.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY made a bullish attempt today and managed to print a new higher high. However, the upward movement lost pressure and currently the pair is trading below the opening level. No change to the sideways situation of the pair and traders will continue to monitor the pair’s movement near the top. The next trending movement might happen with moderate or strong momentum after the breakout happens.
Today’s critical levels to watch:
Support: 155.00, 151.80, 150.00
Resistance: 158.00
AUD/USD
AUD/USD continued the bearish movement and printed a new lower swing low. It means the bearish trend will continue and the next target is 0.6000. Traders who have short positions will continue to hold the positions for now with a stop order above 0.6300 or 0.6350. As long as the pair continues printing new lower swing low and lower swing high, the trend will continue bearish.
Today’s critical levels to watch:
Support: 0.6000
Resistance: 0.6250, 0.6350, 0.6500, 0.6700