USDX (USD Index)
The U.S. dollar index is still on a bearish path even though there has been a bullish close for 2 days. Today, the index looks moving up but not with strong bullish momentum. When the upward movement loses its power, the index will resume its decline toward 100.00. Traders will now wait for a bearish reaction to add to their short positions in the U.S. dollar.
EUR/USD
EUR/USD is seen entering a bearish correction phase and the price is testing 1.0900. Traders will wait for a bullish bounce to continue the upward movement above 1.1000 level. If the pair continue moving down towards the 1.0800 level then traders can use this opportunity to enter long positions.
Today’s critical levels to watch:
Support: 1.0650, 1.0339
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD has reached the resistance point of 1.2800 and is now seeing a bearish reaction from there. A decline is likely and traders can wait near 1.2625 for opportunities to enter long positions. The next bullish target above 1.2800 is 1.3000. As long as the pair continues to form higher swing highs and higher swing lows, the trend will continue to be bullish.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100
Resistance: 1.2800
USD/JPY
USD/JPY looks to continue its bullish movement towards 145.00 and 147.00. Because the pair continues to form higher swing highs and higher swing lows, the bullish movement is expected to continue. Traders can wait near 140.00 for a bullish reaction and opportunities to enter long positions.
Today’s critical levels to watch:
Support: 140.00, 139.30, 137.70, 133.00
Resistance: 145.00, 147.00
AUD/USD
AUD/USD started a bearish correction after advancing above the daily SMA 200. The pair managed to form a swing high in the previous bullish attempt. We might see the pair moving lower to reach the daily SMA 200 and traders will be watching for further reactions at that point. When a bullish reaction occurs, traders can enter long positions near the daily SMA 200 or 0.6700.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000