USDX (USD Index)
U.S dollar index extending the bullish movement today but has returned to the opening level. The index situation is neutral now as traders assume Trump was bluffing on the tariff. If there is no major change, then the index might resume the bearish trend to target 93.97 level. On the upside, latest swing high is 99.39, a breakout above the level might invalidate the bearish trend.
EUR/USD
EUR/USD stick near the 1.1710 level and looks attempting to bounce from it. However, the pair looks losing the bullish pressure and might settle the day near the level. Will the pair resume bearish correction to target 1.1500 – 1.1580 area? Alternatively, will it consolidate near 1.1710 and continue the bullish trend?
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820
GBP/USD
GBP/USD pushed lower below the 1.3600 level but looks regaining the loss before the daily close. The pair might stick near 1.3600 level and attempt to resume the bullish trend. However, if the pair continue the bearish movement, then 1.3450 is the level traders could use as a place 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 continue the bullish movement and currently trading near the green box area. The pair will test the level and traders will monitor closely the reactions. If the pair get rejected with strong bearish reaction, then traders will expect bearish continuation to bring the pair inside 142.00 – 145.00 area again.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD bounced from the 0.6500 level and erased most of the loss yesterday. However, the gain seems limited and it gave up part of the gain. We maintain bullish outlook on the pair and see bullish continuation to target 0.6700 – 0.6750 area. If the pair turn lower and enter the green box area again, then traders could wait for bullish reactions to add long positions.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700