USDX (USD Index)
U.S dollar index on the path toward the daily SMA 200. However, there is no bullish continuation yet today. The index undergoes bearish pressure instead. It seems traders are awaiting the release of U.S. job data tomorrow. A strong number will help the index to continue the upward movement. Meanwhile, weaker than expected number might bring the index down to test 103.82.
EUR/USD
EUR/USD might continue the bearish movement to target 1.0339 and the daily SMA 200. However, there is no lower low printed on the chart yet which means a consolidation might happen near the current level. If the pair could close above 1.0650 then there is a chance of bullish continuation. Traders will wait either a close above 1.0650 or bounce from the daily SMA 200 to enter the next positions.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000, 0.9500
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD trading lower below the 1.2000 level and is expected to extend the bearish movement to target the 1.1450 support level next. If the pair could stage a rally and return above the daily SMA 200 then the trend could turn bullish again. Meanwhile, traders will wait near the 1.2000 – 1.2200 area for bearish reactions to enter short positions.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY shows a bearish reaction from the daily SMA 200 which could become the confirmation of a bearish continuation. However, traders are awaiting the release of U.S job data which could turn the trend more bullish. If the pair closes above the daily SMA 200 at the end of the week then the bullish movement will continue. On the other hand, if there are major bearish reactions after the release of job data then traders could enter short positions.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD dropped below 0.6750 and now will target the 0.6500 support level. Traders will wait near the support level for bullish reactions to enter long positions. On the upside, 0.6500 will act as resistance level where traders could enter short positions when there is bearish reactions.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000