USDX (USD Index)
U.S dollar index breakout from the bearish channel but no bullish momentum to bring the index further upside. At the current time, the index might continue trading sideways with the daily SMA 200 as an upward target. When the index manages to reach the daily SMA 200 and form a bearish reaction, traders could enter short positions in the U.S. dollar.
EUR/USD
EUR/USD was rejected from the 1.1000 resistance level but no major bearish movement was seen in the pair. The pair might continue to consolidate between the 1.0900 – 1.1000 area and traders will wait for a breakout and close outside of the area. There is a small room downside toward the daily SMA 200. Traders will make use of the current situation to add long positions down to the daily SMA 200.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0500
Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD hovering inside the 1.2625 – 1.2800 area as expected. The pair need to break out from the range to confirm the next direction. At the current time, traders will continue to accumulate long positions inside the area. If the pair breaks lower then the daily SMA 200 will become the bearish target to watch.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY trading upward again in today’s trading session. It seems the pair will continue consolidating between the 145.00 – 147.00 area for now. We still think the pair will resume the bearish trend below the daily SMA 200 to print a new lower low. However, at the current time, we have a higher swing low which means the situation is more bullish than we expect.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00
AUD/USD
AUD/USD could not return inside the 0.6700 – 0.6750 area and the pair started moving lower again today. The bearish movement has moderate momentum and might extend toward the daily SMA 200. If the pair manage to reach the daily SMA 200 and form bullish reactions then traders could consider entering more long positions.
Today’s critical levels to watch:
Support: 0.6700, 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6750, 0.6820, 0.7000