USDX (USD Index)
U.S dollar index reached the 127.2% Fibonacci Extension level or completed the first target. If there is no change in the sentiment, then the index will continue the bearish movement to target 161.8% level at 93.97. We continue to maintain bearish outlook on the index until the index printed new higher swing high or higher swing low. Continue shorting U.S. dollar will be the best choice to do for now.
EUR/USD
EUR/USD reached the 1.1710 target and might extend the bullish movement to reach 1.1820 next. No change to the bullish situation, when the pair started a bearish correction, traders could enter long positions at a lower level. On the lower side, 1.1500 – 1.1580 area is the place to look for long positions.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD resume the bullish movement above the 1.3450 – 1.3600 area and is set to target 1.3835 and 1.4000 resistance levels. Traders who has long positions from the 1.3450 – 1.3600 area will continue to hold the positions now with stop below latest swing low or at least at break-even. When the pair started another bearish correction after the target reached, traders could use the 1.3450 – 1.3600 area as a place to add long positions.
Today’s critical levels to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300
Resistance: 1.3800, 1.4000
USD/JPY
USD/JPY pushed lower below the 145.00 level today as U.S. dollar index weakness continue. The pair might resume the trading between 142.00 – 145.00. On the lower side, we have 140.00 and 138.00 as target. If there is no change to the situation, then the pair might target the long-term target at 134.74. Traders who enter short positions when green box area retest, could place stop order above the swing high or above 148.03.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD resume the bullish movement after the bounce from daily SMA 200. The pair trading above the 0.6500 level and printed a new higher high today. As mentioned before, if the pair turn lower, then the daily SMA 200 and the bottom of green box area is the best place to add long positions. On the upside, the pair will target 0.6700 and 0.6750 as nearest target.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700