USDX (USD Index)
The bearish pressure on the U.S dollar index managed to push the index down to close near the 103.82 level. However, there is no bearish continuation today as the index trading upward. If the index could bounce and continue moving upward with strong bullish pressure then the index will continue the bullish trend. On the other hand, a further bearish close below 103.82 might push the index down to the target 100.00 – 100.30 area.
EUR/USD
EUR/USD printed a bullish close yesterday, and avoided a new lower low printed on the chart. However, the pair is currently under bearish pressure and might resume the bearish movement. If the pair continues moving upward then traders will observe the pair reaction near the 1.06500 – 1.0800 area. A close above 1.0800 could turn the trend from bearish to bullish.
On the lower side, the pair need to print a new lower low to confirm bearish continuation.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD bounced from the 1.2000 – 1.2200 area with strong bullish momentum. The pair might continue trading upward to test the 1.2500 – 1.2625 area. Traders will monitor the pair reaction near the area. If the pair form a major bearish reaction then we might see a new bearish leg to target a new lower low.
A close above 1.2625 might cancel the current bearish outlook and start a new bullish trend.
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2400
USD/JPY
USD/JPY bearish correction reached the 131.28 level and closed near it yesterday. There is no bearish continuation today as the pair bounced from the level and currently trading near yesterday’s high. It seems the bearish correction has stopped and the pair might resume the bullish trend to target a new higher high.
Today’s critical levels to watch:
Support: 131.28, 130.00, 126.00
Resistance: 135.00, 135.19
AUD/USD
AUD/USD managed to extend the bullish movement above 0.7000 yesterday. The pair might continue upward to test the 0.7160 level and the daily SMA 200. At the current time, the pair is under bearish pressure and testing the 0.7000 breakout level. Will the pair continue moving upward or resume the bearish trend to target new lower low?
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160, 0.7300