USDX (USD Index)

Not much hope for the bull in the U.S dollar index. The index extended its bearish movement and closed the week below 95.00. Judging from the bearish close, it seems the index might continue its downward movement this week. Traders might want to avoid taking long positions yet in the U.S dollar.

94.00 – 94.30 and 92.60 – 93.00 will become the focus this week.

EUR/USD

EUR/USD progressed higher last week and made strong bullish close. The pair is not far from the 1.1710 resistance level. Without any change in the direction then we will expect the pair to reach 1.1710 resistance level this week. However, if the pair make the bearish correction then traders will prepare for possible bearish movement up to 1.1450 – 1.1500 area.

today critical levels to watch:

Support: 1.1600, 1.1580, 1.1500, 1.1450

Resistance: 1.1710

GBP/USD

GBP/USD closed the week near 1.2800 resistance level. No breakout and close above the resistance level yet. The same as we mentioned before, the pair needs to break out and close above 1.2800 to reverse the bearish trend entirely. A close above 1.2800 will open the way toward 1.3000.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800, 1.3000

USD/JPY

We have a breakout and close below 106.70 at the end of last week. USD/JPY opened the way toward 105.00 but traders might want to consider that the pair still could bounce from the current level. Considering the closing level of the week, it seems USD/JPY closed near May and June low.

If the pair could move higher then 106.70 will become the resistance level to watch.

Today critical levels to watch:

Support: 105.00

Resistance: 106.70, 108.00

AUD/USD

AUD/USD rejected from the 0.7160 resistance level. However, no significant bearish movement yet from the resistance level. If the pair moves lower then traders could use 0.7000 as the level to take long positions. At the current time, it is better to wait sideline and avoid taking long-term bearish positions.

Today critical levels to watch:

Support: 0.7000

Resistance: 0.7160, 0.7330