USDX (USD Index)
U.S dollar index printed a bearish close yesterday and erased most of the gain incurred in Wednesday’s trading session. The index might resume the bearish movement to target the 100.00 – 100.30 area. Traders will continue waiting near the area for a chance to enter long positions in the U.S dollar.
EUR/USD
EUR/USD bounced from the 1.0650 support level and there is bullish follow-through today. However, the pair is back under pressure again near the opening level. Traders are waiting for the release of U.S job data today. If the pair could move upward and close above 1.0800 at the end of the week then we might see a bullish continuation toward 1.1000 next week.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000
Resistance: 1.0800, 1.0900
GBP/USD
GBP/USD made a bullish close yesterday to cancel Wednesday’s bearish close. However, the bullish close is inside the bearish candlestick range. At the current time, the pair seems trading sideways, waiting for the catalyst to move. If the pair could move higher and close above 1.2625 then we might see a continuation toward 1.2800 and 1.3000.
Today Critical level to watch:
Support: 1.2500, 1.2400, 1.2200, 1.2100, 1.2000
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY hanging near the April-May high and is expected to continue the bullish trend. Traders who have long positions will continue to hold the positions with a stop below the previous swing low. It is better to wait for a bearish correction toward the support level to happen before traders could enter long positions.
Today’s critical levels to watch:
Support: 126.00, 125.00, 120.00
Resistance: 130.00
AUD/USD
AUD/USD secured a close near the daily SMA 200. It is a vital moment for the pair now. If a strong bearish rejection happens then AUD/USD might resume the bearish trend. On the other hand, further bullish movement above 0.7330 might cancel the current bearish outlook.
Today critical levels to watch:
Support: 0.7160, 0.7000, 0.6820, 0.6750
Resistance: 0.7300