USDX (USD Index)
The bearish correction of the U.S dollar index continues toward the 105.00 support level. We expect the index to show a bullish reaction near the area and continue the bullish trend. Without any bullish reactions, it is better to stay sideline for now. On the upside, we still think a new higher high will be printed.
EUR/USD
EUR/USD holding out against bearish pressure and showing a bullish attempt in today’s trading session. The pair will attempt to move upward to target the 1.0339 resistance level. Despite the bullish situation, we still think the pair will move lower to break below parity and clear the stop loss order below it before any bullish reversal.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD made another close inside the 1.2000 – 1.2200 area. There is a breakout above the area today but traders will wait for the closing level at the end of the day. A close below 1.2200 might confirm further ranging movement. Meanwhile, a close above 1.2200 is a bullish confirmation.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY extend the bearish correction and soon will reach the previous swing low. Traders will observe the pair reactions near the level. If the pair could maintain the level above the support level and bounce from it then traders could enter long positions. A close below the level will confirm a deeper bearish correction to target 127.40.
Today’s critical levels to watch:
Support: 131.47
Resistance: 135.00, 135.19
AUD/USD
AUD/USD stick near 0.7000 but no close above the resistance level yet. There is a bullish attempt today but traders better wait for the closing level at the end of the day. A close above 0.7000 is bullish confirmation toward 0.7160 and daily SMA 200. Meanwhile, a bearish close below 0.7000 with strong momentum is a bearish signal to target a new lower low.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300