USDX (USD Index)

U.S dollar index bounced from the 96.10 support level yesterday and printed a bullish close. The situation looks bullish but there is no follow-through in today’s trading session. Traders and investors seem to take a sideline approach as EU leaders currently discussing the coronavirus stimulus pack.

If the index closes below 96.10 with strong bearish momentum then traders will prepare for further bearish pressure toward 95.00. On the other hand, more bounce from the 96.10 could lead the index higher toward 96.70.

EUR/USD

EUR/USD rejected from the 1.1450 resistance level and closed lower in the previous trading day. The close is near the 1.1360 support level. Fortunately, there is no bearish follow-through today and the pair currently traded higher toward 1.1450 again.

If the pair could close near 1.1450 then traders could expect further upward movement toward 1.1500 next week.

today critical levels to watch:

Support: 1.1360, 1.1300

Resistance: 1.1500

GBP/USD

GBP/USD rejection from the daily SMA 200 and 1.2625 resulted in a bearish close yesterday. However, there is no bearish pressure in today’s trading session. The pair currently attempting to maintain the position near the daily SMA 200.

Same in the previous analysis, if the pair could close above SMA 200 and 1.2625 then it is set to continue the bullish movement.

Today Critical level to watch:

Support: 1.2500, 1.2200, 1.2000

Resistance: 1.2625, 1.2800

USD/JPY

USD/JPY consolidation inside 106.70 – 108.00 area continues as there is no breakout this week. The pair outlook will continue sideways inside the range and traders could continue to apply ranging strategies. We will wait for further development next week.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00, 110.00

AUD/USD

AUD/USD rejected from the 0.7000 resistance level again yesterday. However, the rejection show no follow-through in the today trading session. AUD/USD continue trade near the 0.7000 and will wait for further development. Similar to the previous analysis, AUD upward target is located at 0.7160 while the nearest support level is 0.6820.

Today critical levels to watch:

Support: 0.6820, 0.6750, 0.6700

Resistance: 0.7000, 0.7160