USDX (USD Index)
U.S dollar index start moving lower before it could reach the daily SMA 200. It might be a confirmation for bearish continuation to target the 100.00 level. On the lower level, the index need to breakout below the 103.34 support level. Without breakout, the index might consolidate between 103.35 and daily SMA 200.
EUR/USD
EUR/USD extended the bullish movement after the bounce from daily SMA 200. The pair climbed above 1.0800 and yesterday’s high. However, the upward movement lost momentum and might close inside yesterday’s range. Traders who has entered long positions near the daily SMA 200 could hold the positions with 1.1000 as upward target.
Today’s critical levels to watch:
Support: 1.0650
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD turned higher again and closed not far from the 1.3000 resistance level. The pair seems will make another bullish attempt to breakout from the 1.3000 resistance level. If the pair could close above the level, then it will confirm bullish continuation. On the lower side, if the pair start another bearish correction, then 1.2800 and daily SMA 200 are the support levels to watch.
Today’s critical levels to watch:
Support: 1.2800, 1.2625, 1.2200
Resistance: 1.3000
USD/JPY
USD/JPY got rejected from the 151.00 level today and the pair fall toward 150.00. No breakout from the 149.20 – 151.00 area yet, which mean the pair will continue its consolidation. Traders will wait for a breakout and close outside the range to confirm the next direction. We think the pair will resume its bearish trend and print a new lower swing low.
Today’s critical levels to watch:
Support: 145.00
Resistance: 149.20, 150.00, 151.00, 151.80
AUD/USD
AUD/USD mostly sideways as the pair trading inside the triangle area. No breakout from the range, no movement with strong momentum which mean it is time to stay sideline. We think the pair will continue the bullish movement to target 0.6500 and daily SMA 200 as U.S. dollar index weaken. However, if the pair make a bearish breakout, then it has potential to print a new lower swing low.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700