USDX (USD Index)
The bullish pressure on the U.S dollar index has not stopped yet. We might see a new higher high printed on the daily chart soon. There is nothing traders could do aside from holding long positions in the U.S dollar for now. If the index starts a bearish correction again then 103.82 is the support level to watch.
EUR/USD
EUR/USD resumes the bearish trend without touching on the 1.06500 resistance level. The pair soon will reach the 1.0339 support level. If the pair make a close below the level then the long-term bearish trend is set to continue. On the other hand, if the pair could reverse the bearish pressure and close above 1.0650 then there is a chance of medium-term bullish correction.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD closed below the 1.2200 support level and now trading between 1.2000 – 1.2200. The pair is expected to continue under bearish pressure and test the 1.2000 support level. If the pair closes below 1.2000 then traders will prepare for a long-term bearish continuation. On the upside, a close above 1.2200 might reverse the current bearish pressure.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2400, 1.2500, 1.2625
USD/JPY
USD/JPY hanging near the high and might continue printing a new higher high. The pair direction is bullish and traders will continue to avoid short positions. Traders will wait for a bearish correction toward the support level for a chance to enter long positions. On the lower side, 131.28 is the support level to watch.
Today’s critical levels to watch:
Support: 131.28, 130.00, 126.00
Resistance: 135.00, 135.19
AUD/USD
AUD/USD attempting to continue the bearish movement but the pair is currently back above the opening level. We think the pair will continue the bearish movement and target the 0.6820 support level. However, if the pair start a new bullish correction then traders will observe the pair reaction near 0.7000.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160, 0.7300