USDX (USD Index)
U.S dollar index climb above the daily SMA 200 with strong bullish momentum and now might attempt to extend the bullish movement to target previous swing high. If the index manages to break the swing high and close significantly higher, then the trend will turn bullish again. On the other hand, if the index immediately dumps below the daily SMA 200 and erased all the gain, then we will see bearish continuation.
EUR/USD
EUR/USD are lower and trade below the 1.1710 support level. The pair reached the level near daily SMA 200 but no strong reactions yet. It might attempt to move lower again tomorrow and test the daily SMA 200. Traders will monitor the reactions near the level. If there is strong bullish reactions, then it will provide chance to enter long positions. On the lower side, the 1.1580 is the invalidation level for the current bullish trend.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820,1.2000, 1.2070
GBP/USD
GBP/USD fall below 1.3450, reached the daily SMA 200 and the 1.3300 – 1.3330 area. We have bounce after the pair swept below previous swing low, but the bearish situation has not changed. To stay bullish, the pair need to stabilize near the current level and avoid printing lower low. A close below 1.3300 – 1.3330 area will be the confirmation that the trend has shifted.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600, 1.3835, 1.40000
USD/JPY
USD/JPY resume the bullish move after breakout and retest of trend line. The pair is currently testing the previous swing high and might attempt to breakout above it. If the pair manage to breakout above the swing high, then the overall trend will turn bullish again with chance to reach the swing high around 159.25. Under current situation, it is better to observe or keep holding long positions with stop below 154.00 or 152.28
Today’s critical levels to watch:
Support: 155.50, 155.00, 153.00, 151.00
Resistance: 158.89, 160.00
AUD/USD
AUD/USD moving with high volatility up and down today but overall it might close the day near the opening level. No change to the bullish structure, the pair is expected to continue the upward movement to retest 0.7160 and target 0.7300 – 0.7330 area. On the lower side, a close below 0.7000 will become the confirmation that the trend will turn bearish.
For now, price action suggests consolidation before the next directional move.
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160