USDX (USD Index)
The U.S. dollar index has not continued its weakness towards 100.00. A bullish close happened yesterday but not a significant-close. There is no strong bullish momentum and a reversal is likely to occur in the near future. Traders will continue to take advantage of any increase in the index for opportunities to enter short positions in the U.S. dollar. As long as the index continues to make lower-swing highs and lower-swing lows, the trend will continue to be bearish.
EUR/USD
EUR/USD tested the 1.0900 point yesterday and the pair has been able to hold above the support level. The condition of the pair is still bullish and any bearish correction is an opportunity for traders to enter long positions. If the pair can still continue its weakness then the 1.0800 level is a place where traders can 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 is stuck at 1.2800 and is currently starting a bearish correction phase. The pair has a downside opportunity to test the point 1.2625 where traders can consider entering long positions. When a bullish reaction occurs, it is a confirmation to enter a position. The next target for gains is the 1.3000 point.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100
Resistance: 1.2800
USD/JPY
USD/JPY made a bearish close yesterday and is likely to start a bearish correction. The pair is currently on a bullish path so a bearish correction is an opportunity for traders to enter long positions. 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: 140.00, 139.30, 137.70, 133.00
Resistance: 145.00, 147.00
AUD/USD
AUD/USD moved down and tested 0.6750 yesterday. The bearish close occurred with a quite strong momentum. If the pair continues to weaken, traders can wait near 0.6700 – 0.6750 for a bounce reaction and the opportunity to enter long positions.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000