USDX (USD Index)
U.S dollar index moving lower consecutively and looks will print new lower swing low. The bearish trend continues as the latest bullish correction failed to print new higher swing high. Traders who enter short positions in U.S dollar in the latest bullish move, could continue to hold the positions. On the upside, 98.92 will become the new level to watch for trend change if it’s broken to the upside.
EUR/USD
EUR/USD climb above 1.1710 and now will continue the bullish movement to test the 1.1820 resistance level. We think the pair could continue the bullish movement to target 1.2000 next. Under current situation, if bearish correction happen, then the pair must stay above 1.1580 to avoid structure break. A structure break might trigger trend change for short-medium term.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD mostly higher and reached the 1.3600 resistance level. The pair might extend the bullish movement and continue upward to target 1.3835 and 1.4000 next. However, if bearish rejection happen near 1.3600, then the pair might continue to consolidate between 1.3450 – 1.3600. On the lower side, a close below 1.33638 or the latest swing low might cancel the bullish outlook.
Today’s critical levels to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY left the green box area and now is expected to continue the bearish trend to target 145.00 and 142.00. When the pair formed new lower swing low below 142.70, it will further confirm the continuation of bearish trend. On the upside, traders could place stop order above 150.00 or the daily SMA 200 as a breakout above both levels might turn the trend bullish.
Today’s critical levels to watch:
Support: 145.00, 142.00, 140.00, 138.00
Resistance: 149.20, 150.00
AUD/USD
AUD/USD launched upward and print new higher swing high which confirm the continuation of bullish trend. Under the current situation, if the pair turn lower again, then it must stay above 0.6457 or the latest swing low to avoid trend change. Traders will wait for bearish correction in the pair for a chance to add more long positions. For now, we will let the pair continue printing a new higher high, where the next swing low might happen around 0.6600 after the rally.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance:0.6700