USDX (USD Index)
U.S dollar index start a bounce from the 103.82 support level today. The upward movement has moderate bullish momentum which might develop into another bullish leg to target a new higher high. Traders will continue to avoid short positions in the U.S dollar as long as the index continues printing higher highs and higher lows.
EUR/USD
EUR/USD has not reached the 1.0650 resistance level yet. The pair is under pressure at the current time and might resume the bearish trend toward the 1.0339 support level. Traders will continue waiting for the pair to test the 1.0650 – 1.0800 area before jumping in positions. When there is a major bearish reaction from the area then traders could enter short positions.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD continues trading near the 1.2200 support level. The pair is under bearish pressure and will attempt to continue the bearish trend. At the current time, traders will wait for a bearish close below 1.2000 to confirm further weakness in the pair. On the upside, 1.2500 – 1.2625 is the area to watch for short positions when a bounce happens.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2400, 1.2500, 1.2625
USD/JPY
USD/JPY maintains the positions near the high and might have canceled the bearish correction. Without any change in the situation, the pair will continue moving upward and print a new higher high on the chart. Traders will continue waiting for bearish correction for a chance 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 trading below 0.7000 with a bearish bias. The pair stage a bullish recovery but could not reach the 0.7000 level. If there is no change to the situation then the pair could continue the bearish movement to target the 0.6820 support level. Traders will continue to stick with short positions and avoid taking long positions at least until the pair trade above 0.7000.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160, 0.7300