USDX (USD Index)
U.S dollar index moving upward with moderate bullish momentum today but limited near previous day’s high. The index seems attempting to start a bullish correction and surpass 97.43 level. There was release of U.S job data today which show higher than expected Non-farm employment than expected. Meanwhile, unemployment rate also turns to 4.1% vs. 4.3% expectation. Surprisingly, the economy performing well, and it will become the major reason for the Fed to delay rate-cut.
EUR/USD
EUR/USD pushed lower and reach the 1.1710 level today after it completed the 1.1820 target. The pair might enter bearish correction phase and start moving lower to target 1.1500 – 1.1580 area. Traders will make use of the bearish correction as chance to add long positions at a lower level. At the current time, traders will monitor the pair reactions at the 1.1710 level. If the pair could maintain the position above it, then it might bounce and continue the bullish trend.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD reached the 1.3600 support level and currently supported by it. The pair has support area between 1.3450 – 1.3600 and traders will use the area to add long positions. When the bearish pressure receded and there is strong bullish reactions, traders will get confirmation to enter. As the U.S. market is in holiday tomorrow, we expect the pair to trade sideways until the weekly close.
Today’s critical levels to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300
Resistance: 1.3800, 1.4000
USD/JPY
USD/JPY launched upward today and reached the 145.00 level. The pair is currently trading inside the 142.00 – 145.00 range, and we might see it stall near the top of the area. However, the latest bullish movement has momentum which might trigger breakout above the level. Despite the situation, we still think the current bullish movement is a temporary movement before further downside in the pair. If the pair make a fake breakout situation, then traders could enter short positions.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD mostly stable and continue moving sideways. There is no major movement yet in the pair, and it might continue the upward movement slowly. If the pair start a bearish correction toward 0.6500, then traders could wait for bullish reaction near 0.6500 to add long positions. On the lower side, as long as there is no close below the green box area, the bullish trend will continue.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700