USDX (USD Index)
The bearish pressure on the U.S dollar index receded and the index formed a bullish close yesterday. It seems traders are pausing the bearish correction as we are getting near the release of U.S job data. No change to the strategy yet, traders will wait for the index to reach the 100.00 – 100.30 area to enter long positions in the U.S dollar.
EUR/USD
EUR/USD get rejected near the 1.0800 resistance level and formed a bearish close yesterday. Initially, the pair fell below yesterday’s low and managed to reach the level near 1.0650. However, at the end of the day, the pair stage recovery and managed to close the day above yesterday’s low. At the current time, traders will continue waiting for a further reaction from the 1.0800 and 1.1000 resistance levels.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000
Resistance: 1.0800, 1.0900
GBP/USD
GBP/USD consolidating near the 1.2625 resistance level with no strong clue on the next direction. The pair might continue the consolidation and continue moving upward to target 1.2800 and 1.3000. Despite the situation, traders will avoid long positions and look for a chance to enter short positions when a bearish reaction happens.
On the upside, traders could place a stop above the daily SMA 200.
Today Critical level to watch:
Support: 1.2500, 1.2400, 1.2200, 1.2100, 1.2000
Resistance: 1.2625, 1.3000
USD/JPY
USD/JPY moving upward after the bounce from the 23.6% Fibonacci Retracement level. The pair keep building bullish pressure and is set to resume the bullish trend. No touch on the blue box area and the trendline which means no long positions chance yet for traders. Under the current situation, traders will continue waiting for a bearish correction to happen for a chance to add more long positions.
Today’s critical levels to watch:
Support: 126.00, 125.00, 120.00
Resistance: 130.00
AUD/USD
AUD/USD maintains a position above 0.7160 after the close above it. The pair might extend the bullish correction to target the daily SMA 200. At the current time, traders will monitor the pair reaction between 0.7160 and daily SMA 200. If there is major bearish reaction and the pair close below 0.7160 at the end of week then we might see bearish continuation next week.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160