USDX (USD Index)
The overall movement of the U.S dollar index is mostly near the 98.40 level. No bullish continuation yet for now. The index is trapped inside three days range. We think the index could continue its upward movement and target the 100.00 resistance level this year. However, if the index closes below 97.50 then traders will prepare a medium-term bearish trend.
EUR/USD
EUR/USD trading sideway near the 1.1000 support level. The pair managed to maintain the close near the level which means no conclusion yet on the next direction. Will the pair bounce from the level and retest the 1.1120 – 1.1185 resistance level? Alternatively, will it break below 1.1000 with strong momentum and resume the bearish movement toward 1.0800?
Today critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD tested the 1.3300 – 1.3330 resistance area and formed a bearish close yesterday. There is bearish follow-through today but the bearish pressure seems to recede. At the current time, the pair is trading near the opening level. If the pair reverse the bearish pressure and close above 1.3250 then we will see a continuation of bullish correction toward 1.3450 and daily SMA 200.
Today Critical level to watch:
Support: 1.3125, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY uptrend has not stopped yet as the pair continue printing bullish closes. There is no change to the analysis yet and we will wait for a bearish correction. The next bearish correction might not reach 115.90 but if the pair managed to reach the level then traders could enter long positions.
Today critical levels to watch:
Support: 115.90, 115.00, 114.50
Resistance: –
AUD/USD
AUD/USD upward movement reached the 0.7450 – 0.7550 area. The pair currently trading inside the area and is expected to breakout above it. There is no bearish reaction for now. If the pair start moving lower then traders will wait near the daily SMA 200 and 0.7300 – 0.7330 area for a chance to enter long positions.
Today critical levels to watch:
Support: 0.7450, 0.7330, 0.7300, 0.7160
Resistance: 0.7500, 0.7550