USDX (USD Index)
The upward movement of the U.S dollar index loses momentum today as the index traded back below the opening level. The index also trading near the 103.82 level and testing it. A close below the level will confirm a further bearish correction. On the other hand, a close near the level will prompt further sideways movement near the level.
EUR/USD
EUR/USD start moving upward again today toward the 1.0650 level. Traders will continue waiting for a test on the 1.0650 – 1.0800 area to confirm the next direction. As long as there is no close above 1.0800, there is a chance of a bearish reversal happening and followed by a bearish continuation.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD testing the 1.2200 support level today but managed to bounce from it. At the current time, the pair is trading near the opening level. We might see the pair continue trading sideways near the 1.2200 level until the next major movement happens. If the pair continues moving upward then traders will observe the reaction at the 1.2500 – 1.2625 area.
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2400, 1.2500, 1.2625
USD/JPY
USD/JPY printed another higher high on the daily chart. There is no bearish sign yet which means the pair could continue the upward movement. Traders will continue avoid shorting the pair as mentioned in the previous analysis. It is better to wait for a bearish correction toward the support level to enter long positions.
Today’s critical levels to watch:
Support: 131.28, 130.00, 126.00
Resistance: 135.00, 135.19
AUD/USD
AUD/USD is slightly lower today but the pair managed to recover part of the losses. The pair might attempt to close the day above yesterday’s low. If the pair continues moving upward then 0.7000, and 0.7160 will become the resistance level to watch. As long as there is no higher high or close above the daily SMA 200 happen then the trend will continue to bearish.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160, 0.7300