USDX (USD Index)
U.S dollar index moving upward as it bounced from the 97.43 level. The upward movement has strong momentum which suggest further upside. The index is on the verge of printing a new higher swing high which will invalidate current bearish trend. Moreover, the index also formed a higher swing low to confirm an initial bullish reversal. Two higher swing low and higher swing high is a confirmation that the trend has changed.
Under current situation, traders will observe the index reactions near previous swing high. It is either a clean upside breakout, or a fake breakout.
EUR/USD
EUR/USD fall sharply below 1.1710 level today. The pair looks will test the 1.1500 – 1.1580 area and attempt for bearish breakout. Under current strong bearish momentum, there is chance of breakout below the area. If the pair continue moving lower, then 1.1300 – 1.1360 will become the next target to watch.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820
GBP/USD
GBP/USD printed a lower swing high at 1.3600 and now has printed a lower swing low. The pair will target the 1.3250 support level for a test. If the bearish pullback continue, then the daily SMA 200 could become the next target to watch. As the bearish movement has strong momentum, it is better to wait sideline for now.
Today’s critical levels to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY moving upward again and is set to test the 150.00 and daily SMA 200. On the upside, if the pair could breakout and close above the green box area, then the bullish trend could continue. No confirmation for now, traders will for more confirmation inside the green box area. As the pair continue printing new higher swing high and higher swing low, the trend will continue bullish for short-medium term.
Today’s critical levels to watch:
Support: 145.00, 142.00, 140.00, 138.00
Resistance: 149.20, 150.00
AUD/USD
AUD/USD pushed lower again and confirmed the broadening pattern. The pair might move lower to target the bottom trendline or the daily SMA 200. As the situation is bearish, traders better wait near support level for bounce reactions to enter long positions. No change to the long-term trend which is bullish.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance:0.6700