USDX (USD Index)

U.S dollar index hanging near the high and there is no major bearish confirmation yet. The index might continue the bullish movement and target a new higher swing high. No change to the bullish outlook yet, if the index starts moving lower then 108.00 – 110.00 will become the area to watch for bounce reactions. When the index reach support level and show strong bullish reactions then traders could enter long positions in U.S dollar.

EUR/USD

EUR/USD is limited below the 1.0339 resistance level but has no major bearish continuation confirmation. The pair might consolidate near the current level until either close above 1.0339 or major bearish rejection happen. On the lower side, we are not really far from the parity level which might become a magnet for the price. Under current situation, it is better to stick with a bearish outlook until a new higher swing high is printed on the chart.

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 moving inside the 1.2000 – 1.2200 area now. The pair might continue trading inside the range until it stabilizes or extend the bearish movement below 1.2000. If the pair breakout and close below 1.2000 then it is better to avoid long positions as the bearish trend will continue. On the other hand, if the pair could stabilize and form a support level inside 1.2000 – 1.2200 area then traders could accumulate long positions assuming that the trend will reverse.

Today’s critical levels to watch:

Support: 1.2200

Resistance: 1.2625, 1.2800, 1.3000

USD/JPY

USD/JPY has fallen below its consolidation range, but at the end of the week, it regained the losses and closed inside the range again. It seems the situation is neutral again and traders will continue to observe the pair reactions now. Will the pair extend the bearish movement to target the daily SMA 200? Alternatively, will the pair trade upward and target the upper range of the consolidation area?

Today’s critical levels to watch:

Support: 155.00, 151.80, 150.00

Resistance: 158.00

AUD/USD

AUD/USD upward attempt seems losing the bullish pressure. There is no new higher swing high printed and the pair is under threat of further bearish movement. As long as the pair continue printing new lower low and lower high, it is better to avoid long positions. On the upside, a close above 0.6350 will become a major bullish reversal confirmation.

Today’s critical levels to watch:

Support: 0.6000

Resistance: 0.6250, 0.6350, 0.6500, 0.6700