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 resume the bullish movement after bouncing from the 1.1580 support level. The pair now will attempt to extend the bullish movement toward 1.2000 resistance target. If the pair easily breakout from the 1.1820 resistance level, then traders will expect smooth upward movement toward target. On the other hand, if the pair fail to print new higher swing high, then there is chance of bearish reversal.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD return above 1.3450 level and now will attempt to resume the bullish trend to target 1.3835 and 1.4000. On the upside, the 1.3600 resistance level is the nearest key level to watch. If the pair turn lower again and print a new lower swing low, then the trend might have changed to bearish for medium-term. As long as there is no new lower swing low, traders will assume the bullish trend will continue.
Today’s critical levels to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY reversed before it could reach the 150.00 level and the daily SMA 200. It seems the bearish trend is set to continue as the pair leaving the green box area. 145.00 and 142.00 is the key level to watch as support level. We expect the pair to print a new lower swing low to confirm the bearish continuation.
Today’s critical levels to watch:
Support: 145.00, 142.00, 140.00, 138.00
Resistance: 149.20, 150.00
AUD/USD
AUD/USD trading higher above the 0.6500 level and looks will resume the bullish trend. As we mentioned, the pair has 0.8700 – 0.8750 area as upward target. The latest bearish movement manage to print lower low, but it is a bearish fake breakout which turned bullish now. A new higher swing high will confirm the bullish continuation in the pair.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance:0.6700