USDX (USD Index)
U.S dollar index holding out and not producing any lower low yet. The index is trading sideways for now and waiting for more confirmation. If the index bounce upward, then traders could wait near the daily SMA 200 for bearish reactions. When there are bearish reactions, traders could enter short positions in U.S. dollar. Meanwhile, the index could also break out lower immediately without any upward correction. On the lower side, 100.00 is the long-term bearish target.
EUR/USD
EUR/USD losing upward momentum near the 1.0900 level. The pair might turn lower to find a support level before continuing the bullish movement toward 1.1000. On the upside, when the pair reach 1.1000, we think a bearish correction might happen. On the lower side, if the pair turn lower, then 1.0800 and daily SMA 200 is the place to look for long positions.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650
Resistance: 1.1000
GBP/USD
GBP/USD stick near the 1.3000 level and no major reactions yet. The pair might continue trading sideways near the level and traders will wait for reactions. If the pair get rejected and start a bearish correction then 1.2800, daily SMA 200 are the levels to watch for bullish reactions.
Today’s critical levels to watch:
Support: 1.2800, 1.2625, 1.2200
Resistance: 1.3000
USD/JPY
USD/JPY get rejected by the 150.00 resistance level again. The pair is trading below the opening level and might resume the bearish trend. On the lower side, if the pair immediately continue the bearish movement then it will target a new lower swing low with 145.00 and 142.00 as bearish targets.
Today’s critical levels to watch:
Support: 145.00
Resistance: 149.20, 150.00, 151.00, 151.80
AUD/USD
AUD/USD stick near the 0.6350 level and no confirmation yet on the next movement. We think the pair could continue the bullish movement to target 0.6500 and daily SMA 200. However, the pair need to climb and breakout above the previous swing high first for confirmation. On the lower side, if the pair trade lower and print new lower swing low, then there is chance of bearish continuation.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700