USDX (USD Index)
The overall movement of the U.S dollar index is sideway near the top. There is no bullish continuation yet but we think the index could move further upward. If the index makes another bearish correction then traders could use 103.82 as a level to enter long positions in the U.S dollar. However, a close below the level is bearish which could trigger further weakness toward the 100.00 – 100.30 area.
EUR/USD
EUR/USD hanging near the low and might extend the bearish movement below 1.0339. No confirmation yet on the next direction as the pair currently trading near the flat level. Traders will wait for a bullish correction toward the resistance level for a chance to enter short positions. It is better to avoid long positions unless the pair could close above 1.0650 or 1.0800.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD tested the 1.2000 support level last week. Fortunately, there is no close below the level and the pair managed to recover part of the losses. The pair might continue trading between 1.2000 – 1.2200 for now. Traders who have short positions will continue to hold the positions and wait for the close outside of 1.2000 – 1.2200 for confirmation on the next direction.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2400, 1.2500, 1.2625
USD/JPY
USD/JPY hanging near the high after two bearish closes. No bearish continuation in today’s trading session. If the pair could continue the bearish correction toward the support level then traders will have a chance to enter long positions. On the other hand, if the pair continues upward then traders who already have long positions will continue to hold it.
Today’s critical levels to watch:
Support: 131.28, 130.00, 126.00
Resistance: 135.00, 135.19
AUD/USD
AUD/USD made a bearish close near the 0.6820 support level last week. The pair show a bullish reactions today which might indicate a bullish bounce. Will the pair continue moving upward and target the 0.7000 level? Alternatively, will the bullish pressure recede and the pair start moving lower again toward 0.6700?
At the current time, the pair is in a bearish trend and traders will continue to avoid long positions.
Today critical levels to watch:
Support: 0.6750
Resistance: 0.6820, 0.7000, 0.7160, 0.7300