USDX (USD Index)

U.S dollar index pushed lower and closed near 90.00 support level. The bearish pressure seems to recede and we have an initial bounce from the level today. If the index could add more bullish pressure then a “W” pattern will be formed and trigger a rally in the index. On the upside, 92.00 – 93.00 is the target area for a bullish correction.

EUR/USD

EUR/USD climbs toward the 1.2200 resistance and looks rejected from it today. The pair might form a bearish pin bar pattern then start a bearish movement toward 1.2070. At the current time, the pair range span between 1.2000 – 1.2200, and traders will monitor closely the pair reaction inside the area.

today critical levels to watch:

Support: 1.2070, 1.2000

Resistance: 1.2200, 1.2300, 1.2500

GBP/USD

The overall direction of GBP/USD is bullish as the pair continue to add more bullish close. However, the pair reverse its direction and move lower with equivalent force as yesterday’s bullish movement. If the pair close below the previous day’s low or 1.3600 support level then traders will prepare for bearish movement toward 1.3450 or as low as 1.3300 – 1.3330.

Today Critical level to watch:

Support: 1.3600, 1.3450, 1.3330, 1.3300

Resistance: 1.3835, 1.4000

USD/JPY

USD/JPY has not left the bearish channel yet and the pair trend will continue bearish. However, no major bearish movement yet, and the pair attempting to stick near the top of the channel. If there is no major bearish reversal happen then traders will start expecting a bullish breakout above the channel.

Today critical levels to watch:

Support: 101.50, 101.19

Resistance: 104.00, 105.00, 106.00, 106.70

AUD/USD

AUD/USD was rejected from the top of the channel with strong bearish momentum. The pair might test the bottom of the channel and close below it. If the pair closes below the channel then traders will expect a deeper bearish correction toward the 0.7640 and 0.7500 – 0.7550 area.

Today critical levels to watch:

Support: 0.7700, 0.7640

Resistance: 0.7750, 0.7800