USDX (USD Index)
U.S dollar index bullish correction continue and stall just below previous swing high. If the index turn lower from the current level with strong bearish momentum, then it will form a lower swing high and confirm bearish continuation. However, if the index continues upward, then it might attempt to test 100.00 and the green box area. A breakout and close above both levels and printing new higher swing high will cancel the current bearish outlook.
EUR/USD
EUR/USD stay supported above the 1.1500 – 1.1580 area. The pair will attempt to form a base to continue the bullish trend. If a bearish correction continue, then traders will wait near 1.1500 for bullish reactions to add more long positions. We maintain bullish outlook, as long as the pair stay above 1.14544 or latest swing low.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD pushed below the 1.3450 support level, but no new lower swing low printed on the chart. The pair might attempt to stabilize near the current level and bounce upward. If the pair resume the bearish movement, then there is chance of stop hunt below 1.3250 support level before any bullish reversal. Traders could use the chance to enter long positions when there is bullish confirmation.
Today’s critical levels to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY has printed a higher swing high but no breakout above the 150.00 and the daily SMA 200. The pair might consolidate near both levels and attempt to continue higher. On the upside, a close above the green box area will confirm a long-term bullish reversal. As long as the pair stay below daily SMA 200 and the green box area, we will continue to assume the trend is bearish. However, as the pair has formed a higher swing low, it is better to stay sideline for now and wait for strong bearish confirmation.
Today’s critical levels to watch:
Support: 145.00, 142.00, 140.00, 138.00
Resistance: 149.20, 150.00
AUD/USD
AUD/USD stay supported at the 0.6500 support level. The pair looks stabilizing and might attempt to bounce upward. As we mentioned before, the green box area is the place to add long positions. If the pair continue lower, then the daily SMA 200 and the bottom of green box area could be used as a place to add long positions.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance:0.6700