USDX (USD Index)

U.S dollar index bearish pressure has not stopped yet. There is another bearish close yesterday and the index continues under pressure today. Lower low printed each day which means it is better to avoid taking long positions in the U.S dollar for now.

Without any change in the index direction, it might target a lower level such as 92.00.

EUR/USD

EUR/USD smoothly move higher above 1.1580 and currently traded above 1.1600. If the pair continues upward then we think 1.1700 will become the rejection level. A rejection from the 1.1700 resistance level might trigger bearish correction toward the 1.1450 – 1.1500 area.

today critical levels to watch:

Support: 1.1500, 1.1450, 1.1360, 1.1300

Resistance: 1.1580, 1.1600, 1.1710

GBP/USD

Even though most U.S dollar counterpart gaining against the currency. GBP/USD stalled for two days without much bullish gain. The pair currently traded between 1.2625 – 1.2800 range and waiting for a bullish breakout above 1.2800 to reverse the long-term bearish trend.

Without breakout above the level, traders will assume the pair will continue trade between 1.2625 – 1.2800.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800

USD/JPY

USD/JPY finally breakout below the 106.70 support level. It is the third time the pair breakout below the level. In the previous two occurrences, the pair manage to bounce and rally above 106.70. Will the pair return above the level and continue upward to target 108.00 again?

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00, 110.00

AUD/USD

AUD/USD completed the 0.7160 targets and stick near the level. Yesterday, there is a bearish reaction from the resistance level which might turn into a bearish correction. We think the bearish correction could reach 0.7000 where traders could consider re-entering long positions.

Today critical levels to watch:

Support: 0.7000

Resistance: 0.7160, 0.7330