USDX (USD Index)
The bull continues to push the U.S dollar index upward and print a new higher high. There is no bearish sign yet which means the index could continue moving upward to target the next resistance level. Traders will continue to approach the current situation by holding long positions in the U.S dollar and avoiding short positions.
If the index starts a new bearish correction then traders will wait near support levels for a chance to enter long positions.
EUR/USD
EUR/USD resumed the weakness and soon will reach parity level. Traders will observe the pair’s reaction near the parity. We might get a bearish overshoot below the support level which triggers a stop-loss order. If the pair could continue to maintain the positions above the support level then there will be a chance to enter long positions.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD is under bearish pressure today and set to print a new lower low on the daily chart. The pair might continue the bearish trend and target the next support level. Traders will use the 1.2000 – 1.2200 area as the place to enter short positions when a bullish correction happens.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY moving upward and printing a new higher high on the daily chart. The pair does not show any bearish sign which tells traders to avoid short positions. Traders will continue waiting for a bearish correction toward support levels for a chance to enter long positions. Without any bearish reaction, it is better to stay sideline.
Today’s critical levels to watch:
Support: 135.19, 135.00
Resistance:
AUD/USD
AUD/USD fall below the 0.6750 support level today and print a new lower low on the chart. The bearish pressure has strong momentum which might indicate a bearish continuation. If the pair start a bullish correction then traders will wait near the 0.6750 – 0.6820 area for a chance to enter short positions.
Today critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000, 0.7160, 0.7300