USDX (USD Index)
This week, the index started the day with a bearish attempt at 90.00. However, the bearish attempt could not break the support level, and currently, the index is challenging Friday high. If the index could add more bullish momentum and move above the previous week’s high then traders could prepare for a rally toward 92.00 – 93.00.
EUR/USD
EUR/USD reverses its movement and slightly lower today. The pair seems rejected from the 1.2200 resistance level and will target the 1.2000 – 1.2070 area. Traders who want to enter long positions will wait the pair near the support area. However, if there is no change to the bearish pressure then a breakout below 1.2000 might happen and the pair could fall toward 1.1820.
today critical levels to watch:
Support: 1.2070, 1.2000
Resistance: 1.2200, 1.2300, 1.2500
GBP/USD
GBP/USD continues to maintain the positions above 1.3600. There is no major bearish reaction yet at the current time. The pair expected to target 1.3835 and 1.4000. However, if a close below 1.3600 happens then the pair will consolidate between 1.3450 – 1.3600.
Today Critical level to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300
Resistance: 1.3835, 1.4000
USD/JPY
USD/JPY continues to stick near the top of the bearish channel. Similar to the previous strategy, traders will wait for a reaction near the top of the channel. If the pair could print a major bearish close then traders will prepare for bearish continuation. However, if the pair start to move upward and close above the channel then the pair might continue toward 105.00 and daily SMA 200.
Today critical levels to watch:
Support: 101.50, 101.19
Resistance: 104.00, 105.00, 106.00, 106.70
AUD/USD
AUD/USD rejected from the top of the channel but no close below the bullish channel yet. The pair currently will continue trading inside the channel range and waiting for a breakout. We think a bearish correction toward 0.7640 and 0.7500 – 0.7550 is possible but it is better to stick with long positions as the trend is bullish.
Today critical levels to watch:
Support: 0.7700, 0.7640
Resistance: 0.7750, 0.7800