USDX (USD Index)
The upward movement of the U.S dollar index continues toward the 97.50 resistance level. No major bearish reaction yet at the current time. The index is expected to continue the bullish trend and target the 100.00 resistance level this year. Traders will continue to avoid short positions in the U.S dollar and wait for a bearish correction to add more long positions.
EUR/USD
EUR/USD has confirmed the long-term bearish continuation below the 1.1300 – 1.1360 area. The pair is heading to the 1.1000 support levels next. Without any change in the current bearish situation, we might see the pair trading at parity against the U.S dollar. Traders will make use of each bullish correction to add more short positions.
Today critical levels to watch:
Support: 1.1185, 1.1120, 1.1000
Resistance: 1.1300, 1.1360, 1.1500
GBP/USD
GBP/USD breakout below the 1.3450 support level and set to continue the bearish trend toward 1.3250. The play switches back to bearish play now and traders will wait for each bullish correction to add short positions. The only way for the current bearish trend to stop is a climb above daily SMA 200 and a higher swing high.
Today Critical level to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3600, 1.3835
USD/JPY
USD/JPY starts moving upward again and soon will test the 115.90 resistance level. The pair is expected to breakout and continue the long-term bullish trend above 115.90. Traders will turn bearish only when there is bearish movement below the previous swing low at 113.50.
Today critical levels to watch:
Support: 115.00, 114.50, 113.00, 112.00
Resistance: 115.90
AUD/USD
AUD/USD reached the 0.7000 support level and will decide the pair’s next long-term direction. Will a bounce happen from the support level? Alternatively, will the pair breakout below 0.7000 to continue the long-term bearish trend? Traders will observe the closing level at the end of the week for now.
Today critical levels to watch:
Support: 0.7160, 0.7000
Resistance: 0.7300, 0.7330, 0.7450