USDX (USD Index)
The index continues trading near the 103.82 level without major reactions. It seems the index will close the week near it and waiting for the catalyst to move next week. If the index could bounce from the level with strong bullish momentum then the bullish trend is set to continue. On the other hand, if the index breakout lowers then we might see further bearish correction toward the 100.00 – 100.30 area.
EUR/USD
EUR/USD upward correction toward the 1.0650 – 1.0800 stuck without touching the area yet. If the pair managed to reach the area and form a major bearish reaction then traders could enter short positions. We think there will be another bearish leg to print a new lower low below the current swing low.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD holding out above the 1.2200 support level. There are no major reactions from the level yet which mean the consolidation might continue. If the pair continues moving upward then traders will observe the pair reaction near the 1.2500 – 1.2625 area. When there are bearish reactions from the area, traders could enter short positions.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2400, 1.2500, 1.2625
USD/JPY
USD/JPY is slightly lower and might start a bearish correction. However, there is no bearish continuation in today’s trading session. The pair trading sideway near the current level and might restart the bullish trend. If the pair continues moving lower toward a support level and form bullish reactions, traders could 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 moving upward above the previous day’s high. The pair might keep building bullish pressure to retest 0.7000 or 0.7160 and daily SMA 200. Traders will continue to stick with the bearish scenarios and observe the pair reactions near the resistance levels. If there are bearish reactions, traders could enter short positions.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160, 0.7300