USDX (USD Index)
U.S dollar index is on the path upward as a bullish breakout happen today. There is no bearish sign which means traders will continue to avoid shorting the U.S dollar. On the lower side, if the index made a bearish correction then traders could enter long positions near a support level.
EUR/USD
EUR/USD breakout below the 1.0339 support level and set to continue the bearish trend. If there is no change to the long-term outlook then we might see the pair reach parity soon. Traders will wait for a bullish correction toward the resistance level for a chance to enter short positions. If the pair could close above 1.0800 then the trend will change from bearish to bullish.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD falls below the 1.2000 support level, following the weakness of EUR/USD. The pair bearish trend might continue with 1.1450 as a target. However, if the pair makes a bullish recovery and close above 1.2200 at the end of the week then the bearish trend will be canceled. Traders will continue to apply bearish strategies, waiting for a bullish correction toward the resistance level to enter short positions.
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 and mostly unchanged. The pair might continue trading sideways near the top and traders will continue to hold long positions. If the pair start a bearish correction then traders will have a chance to enter long positions near support levels. It is better to avoid short positions as the trend is bullish.
Today’s critical levels to watch:
Support: 131.28, 130.00, 126.00
Resistance: 135.00, 135.19
AUD/USD
AUD/USD resume the bearish movement today and fell below the 0.6820 support level. The pair might continue trading bearishly and target the 0.6700 support level. There is not much, traders could do aside from waiting for a bullish correction to happen. On the upside, 0.7000 is the bullish target when a bounce happens.
Today critical levels to watch:
Support: 0.6750
Resistance: 0.6820, 0.7000, 0.7160, 0.7300