USDX (USD Index)
A major break down in the U.S dollar index is happening, it fell with strong bearish momentum and print new lower swing low. Our first bearish target has been reached and now the index might continue lower to test previous multiple lows around 96.20 – 96.30. Temporary stall and bounce might happen but we expect bearish continuation below it as current movement has strong momentum.
EUR/USD
EUR/USD trading above the 1.1820 level and print new higher swing high. It is set to continue the bullish trend to next target at 1.2000. If there is bearish correction then 1.1820 will become the support level to watch. Traders will keep holding long positions and avoid shorting for now as the momentum is strong.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD closed above the 1.3600 level and continue higher. As we mentioned, a close above 1.3600 with strong bullish momentum will open the path higher. On the upside, the 1.3835 level is target to watch. On the lower side, when there is bearish correction, 1.3500 – 1.3600 area will become the support area to watch for bounce reactions.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600
USD/JPY
USD/JPY bearish reversal has reached the green box area. It seems the bullish trend has been invalidated for now as the pair move below it. But, no close below the area yet which mean a stall and slight bullish bounce could happen before further break down. Overall, the situation might have changed and traders could expect USD/JPY to continue moving lower to target 150.00 and daily SMA 200.
Today’s critical levels to watch:
Support: 155.50, 155.00, 153.00, 151.00
Resistance: 158.89, 160.00
AUD/USD
AUD/USD is unstoppable after the pair climb above 0.6750. It ran toward the 161.8% Fibonacci extension level and looks to maintain the bullish pressure above the level. We might see a bearish correction unfolding, but without any bearish sign, it is better to avoid shorting the pair for now. On the upside, 0.70000 is the nearest target level to watch.
Today’s critical levels to watch:
Support: 0.6600, 0.6560, 0.6500
Resistance: 0.6700, 0.6750, 0.6820