USDX (USD Index)
U.S dollar index hanging near the top and now showing a major bearish sign. The index might continue trading sideways and traders will wait for further confirmation. No change to the bullish trend of the index, if the index starts a bearish pullback then traders could wait near the support level to enter long positions in U.S. dollar when there are bullish reactions.
EUR/USD
EUR/USD could not climb and close above 1.0339 which mean there is no change to the bearish trend of the pair yet. It might resume the bearish movement and print a new lower swing low. Under the current situation, traders better stick with short positions and only enter long positions when the pair formed strong bullish reactions after the new low.
Today’s critical levels to watch:
Support: 1.0200, 1.0100, 1.0000
Resistance: 1.0339, 1.0650, 1.0800
GBP/USD
GBP/USD is consolidating near the 1.2200 level at the current time. No strong bullish reactions and the pair is currently under bearish pressure. As mentioned before, traders could expect the pair to trade near the 1.2000 – 1.2200 area and traders could accumulate long positions. On the upside, the pair need to climb above 1.2625 or better, close above the daily SMA 200
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY secured two days’ bearish close effectively closing outside of the consolidation range. The pair might continue the bearish movement to target the daily SMA 200. At the current time, traders could wait near the daily SMA 200 for reactions. If the pair could stabilize and bounce with strong reactions then traders could enter long positions.
Today’s critical levels to watch:
Support: 155.00, 151.80, 150.00
Resistance: 158.00
AUD/USD
AUD/USD printed an inside bar yesterday which is a neutral pattern. The pair could extend the bullish movement toward 0.6350 or it could resume the bearish trend to print a new lower swing low. No confirmation on the next direction of the pair yet. If the pair could close above 0.6350 then the trend could turn bullish for medium-term.
Today’s critical levels to watch:
Support: 0.6000
Resistance: 0.6250, 0.6350, 0.6500, 0.6700