USDX (USD Index)
U.S dollar index continue its bullish correction and might not move lower yet for now. On the upside, the daily SMA 200 is the bullish correction target to watch. When the index reaches the level and show bearish reactions, then it is signal for traders to enter short positions in U.S. dollar. We still expect the index to continue its weakness, to target the 100.00 level.
EUR/USD
EUR/USD fall below the 1.0800 level and might extend the bearish movement to test the daily SMA 200. At the current time, the pair is in a bearish correction and might complete it soon. When the pair form bullish reactions near the daily SMA 200 or 1.0800 then traders could consider entering long positions. On the lower side, there is potential that the pair extend weakness toward 1.0650 as a final corrective target.
Today’s critical levels to watch:
Support: 1.0800, 1.0650
Resistance: 1.0900, 1.1000
GBP/USD
GBP/USD might turn lower and reach the 1.2800 level or the daily SMA 200. At the current time, the pair is in a correction phase and traders will wait near support level for chance to add long positions. On the upside, when the pair close above 1.3000, it will confirm the bullish continuation to target 1.3125, 1.3250.
Today’s critical levels to watch:
Support: 1.2800, 1.2625, 1.2200
Resistance: 1.3000
USD/JPY
USD/JPY get rejected by the 151.00 resistance level and will close the day near 150.00 level today. The bearish trend continues as the pair printed a new lower low and lower high. If the pair extend the bullish movement, then the daily SMA 200 will become the target and place where traders look for short positions.
Today’s critical levels to watch:
Support: 145.00
Resistance: 149.20, 150.00, 151.00, 151.80
AUD/USD
AUD/USD bounced from the bottom of the triangle, but no strong bullish momentum to continue upward. The pair will continue the consolidation inside the triangle area and traders will monitor the reactions. When the pair close outside the triangle area, traders will get confirmation on the next direction. On the upside, the pair need to close above 0.6500 and daily SMA 200 to confirm a long-term bullish continuation.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700