USDX (USD Index)
U.S dollar index attempting to start a bullish correction, but it is limited below the 97.43 level. The index is slightly lower today but moving inside yesterday’s range. There is not much movement today which is expected as U.S. market is in holiday. We expect the index to continue trading sideways near the current level until the market close. Next week, traders will continue to assume that the bearish trend will continue to target 93.97. If the index starts another bullish correction, then 97.43 will continue act as resistance level to watch.
EUR/USD
EUR/USD bounced from the 1.1710 support level and continue to maintain the position above it. The pair will continue trading near the current level or inside the 1.1710 – 1.1820 area. If the pair start another bearish correction and manage to move below 1.1710, then 1.1500 – 1.1580 is the area to watch as support area.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD is supported by the 1.3600 level but no major bullish reaction yet. The pair might continue trading sideways near the 1.3600 level and attempting for deeper bearish correction toward 1.3450. Traders will continue to use the current bearish correction in the pair as a chance to add long positions.
Today’s critical levels to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300
Resistance: 1.3800, 1.4000
USD/JPY
USD/JPY closed near the 145.00 level, which mean no breakout yet from the 142.00 – 145.00 area. The pair is slightly lower today, but stick near 145.00. We expect the pair to continue the bearish movement and target 140.00 also 138.00 support levels. When there is bullish correction in the pair, traders could use it as a chance to 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 moved lower today but stay inside yesterday’s range. The pair might extend the bearish movement toward 0.6500 where traders will wait for bullish reactions. When there are bullish reactions near the support level, traders could enter long positions. On the upside, we expect the pair to continue the bullish trend toward 0.6700 and 0.6750.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700