USDX (USD Index)
U.S dollar index closed with a bearish pin bar pattern yesterday. However, there is no bearish continuation today as the index builds more bullish pressure above 98.40. If the index continues moving upward then traders will expect a bullish continuation toward the 99.40 and 100.00 resistance levels.
EUR/USD
EUR/USD pushed lower below the 1.1000 support level but the pair managed to return above the level and currently stick near it. No conclusion yet on the pair’s next direction. Traders will continue to monitor the pair reaction near the 1.1000 level. If the pair could break out above the 1.1120 – 1.1185 area then it might start a new bullish leg toward daily SMA 200. On the other hand, a breakout below 1.1000 with strong bearish momentum could bring the pair down to a target of 1.0800.
Today critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD managed to reach the 1.3250 resistance level and breakout above it. The pair touched the 1.3300 – 1.3330 area but get rejected today. At the current time, the pair is trading below the opening level and the 1.3250 level. Will the pair continue to build bearish pressure and resume the bearish trend to target the level below 1.3000?
Today Critical level to watch:
Support: 1.3125, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY bullish trend is unstoppable as the pair continue making bullish closes. No stop to the upward movement and traders will continue to avoid short positions. If the pair make a bearish correction the traders will watch 115.90 and 120.00 as support levels. A bearish correction might be due but the pair could just continue its upward movement without stopping.
Today critical levels to watch:
Support: 115.90, 115.00, 114.50
Resistance: –
AUD/USD
AUD/USD confirmed the medium-long term bullish reversal. The pair has formed a higher swing high and a higher swing low. At the current time, the pair is trading inside the 0.7450 – 0.7500 area. If the pair get rejected from the level then 0.7300 – 0.7330 and the daily SMA 200 might become the place for a higher swing low formation.
Today critical levels to watch:
Support: 0.7330, 0.7300, 0.7160
Resistance: 0.7450, 0.7500