USDX (USD Index)
The overall movement of the U.S dollar index is bearish for the short-term as the index undergoes a bearish correction. It seems the bearish pressure has receded and the index formed a bullish close last week. At the current time, the index is testing the 98.40 level and will attempt to break out above it. If the index could build more bullish pressure then traders will expect it to target the 100.00 handles.
EUR/USD
EUR/USD closed above 1.1000 level and currently maintaining the position above the level. A test on 1.1120 – 1.1185 happened without a bullish breakout above it. At the current time, the pair is expected to consolidate between 1.1000 and the 1.1120 – 1.1185 area. Traders will wait for a breakout to determine the next direction.
We think the long-term trend will continue to bearish and the pair soon will resume the bearish movement to target the level below 1.1000.
Today critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD is in a bullish corrective movement with 1.3250 as an upward target. The pair currently trading at the 1.3125 level and will attempt to extend the bullish movement. Traders will wait near the 1.3250 resistance level for a chance to enter short positions when there is a major bearish reaction.
Today Critical level to watch:
Support: 1.3125, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY continues its bullish movement above the 115.90 level and not showing any bearish sign yet. The pair expected to continue the bullish movement and traders suggested avoiding short positions. If the pair make a bearish correction then traders will prepare near the 115.90 level for a chance to enter long positions.
Today critical levels to watch:
Support: 115.90, 115.00, 114.50
Resistance: –
AUD/USD
AUD/USD managed to close the week above the daily SMA 200 and currently extending its bullish movement toward 0.7450 – 0.7500 area. If the area is broken to the upside then we will have a medium-long term bullish confirmation. On the other hand, if the pair start moving lower again then it needs to close below 0.7160 to confirm the bearish trend.
Today critical levels to watch:
Support: 0.7330, 0.7300, 0.7160
Resistance: 0.7450, 0.7500