USDX (USD Index)
The index continues the bearish correction and might reach the 105.00 level. Traders will continue waiting for the index to reach the level to test it. If the index makes a significant bullish reaction then traders could consider entering long positions in the U.S dollar. The trend is bullish which means traders better avoid shorting the U.S dollar until a new lower low is printed.
EUR/USD
EUR/USD continues the bullish correction toward the 1.0339 resistance level. The pair movement might stall near the level before ECB interest-rate decision this week. It might continue trading sideway until next week’s FOMC meeting. Traders will observe the pair reaction near 1.0339 for now.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD stick near the 1.2000 – 1.2200 area and currently waiting for further reactions. If the pair get rejected then traders might see a bearish continuation to the target 1.1450 support level. On the other hand, a close above 1.2200 will confirm the start of a new bullish leg.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY initially pushed lower yesterday but it managed to recover and closed above the opening level. The pair might continue trading near the top and looking to add more gain. The trend is bullish which means traders will prefer long positions to short positions. If the pair start a new bearish correction then traders could enter long positions near support levels.
Today’s critical levels to watch:
Support: 135.19, 135.00
Resistance:
AUD/USD
AUD/USD made a bullish close with strong bullish momentum yesterday. The pair is significantly higher and might extend the bullish movement toward 0.7000 and 0.7160 resistance levels. Traders will wait near the resistance levels for a chance to enter short positions when there are major bearish reactions.
Today critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300