USDX (USD Index)
The downward movement of the U.S dollar index finally reached the 95.00 support level. There is a bearish close below the level yesterday. However, we need more confirmation before deciding this bearish close will lead the index further lower.
Traders will observe the index reaction when testing the March low. Will the index breakout or bounce from the level?
EUR/USD
EUR/USD extended its bullish movement above 1.1500 and reached the 1.1600 high yesterday. The pair then retreated and closed below 1.1600. Today, there is another attempt to move higher and test the 1.1600 resistance level. Will the pair breakout and continue its upward movement toward 1.1710? Alternatively, will it start a bearish correction toward 1.1450 – 1.1500 before continuing higher?
today critical levels to watch:
Support: 1.1500, 1.1450, 1.1360, 1.1300
Resistance: 1.1580, 1.1600, 1.1710
GBP/USD
GBP/USD slightly lower yesterday at the beginning of the trading session. However, the pair managed to bounce and finally closed the day near its opening level. The pair currently trading between 1.2625 – 1.2800 range and expected to continue trading inside it.
Same as in the previous analysis, the bull needs a close above 1.2800 to confirm the bullish long-term reversal.
Today Critical level to watch:
Support: 1.2625, 1.2500
Resistance: 1.2800
USD/JPY
USD/JPY bounced from the 106.70 support level again. The consolidation between 106.70 – 108.00 has not ended yet. The pair expected to continue its consolidation inside the range for now. Nothing traders could do at the moment aside from trading the range.
Today critical levels to watch:
Support: 106.70, 105.00
Resistance: 108.00, 109.00, 110.00
AUD/USD
AUD/USD stick near the 0.7160 resistance level with no break and close above it yet. The pair continue putting bullish pressure without giving an inch. It seems breakout is inevitable but traders might want to avoid taking long positions at the current level.
It is better to wait for either breakout or bearish correction before placing any major long positions.
Today critical levels to watch:
Support: 0.7000
Resistance: 0.7160, 0.7330