USDX (USD Index)
U.S dollar index bearish correction has stopped and the index looks to move upward again. Traders who are waiting for the bearish correction to reach 100.00 – 100.30 will stay sidelined for now. Meanwhile, traders who are holding long positions will continue to hold the positions and observe the reaction near 103.82.
EUR/USD
EUR/USD is under pressure at the 1.0650 support level. The pair might breakout and continue the bearish trend to target the previous swing low. However, if the pair could reverse the bearish pressure then there is a chance of bullish continuation toward 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 pushed lower below the previous week’s low. However, the pair managed to recover part of the losses and trade back above the level. If a bearish close below the previous wee’s low happens then traders will expect a bearish continuation in the pair. On the other hand, a close above 1.2625 will invalidate the current bearish movement and trigger 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 continues the bullish movement without much trouble. A new higher high is printed on the chart and the pair is set to continue the bullish trend. Traders will continue waiting for bearish correction for a chance to enter long positions. Despite the bullish situation, the pair is getting near the 2002 high at 135.19 where it might form a major bearish reaction.
Today’s critical levels to watch:
Support: 131.28, 130.00, 126.00
Resistance: 135.00, 135.19
AUD/USD
AUD/USD got rejected from the daily SMA 200 and currently moving lower with strong bearish pressure. If the pair breakout below the 0.7160 support level then the bearish trend is set to continue. On the upside, if the pair could close above the daily SMA 200 then it will cancel the current bearish outlook.
Traders who enter short positions near the daily SMA 200 will place stop orders above 0.7330.
Today critical levels to watch:
Support: 0.7160, 0.7000, 0.6820, 0.6750
Resistance: 0.7300