USDX (USD Index)
The bearish pressure on the U.S dollar index receded before the index could reach the 97.50 support level. At the current time, the index shows a bullish reaction and starts moving upward. The upward movement has not surpassed yesterday’s high yet which means the situation is neutral. Tomorrow, there are U.S job data to watch. We might get a clue on the index’s next direction after the release of the data.
EUR/USD
EUR/USD get rejected from the 1.1120 – 1.1185 resistance area today. The bearish movement currently testing yesterday’s low. If the pair could continue lower and close below 1.1000 then the bearish trend is set to continue. On the other hand, if the pair build more bullish pressure and close above 1.1185 at the end of the week then the bullish correction could extend toward the 1.1300 – 1.1360 area.
Today’s critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD shows a bullish reaction near the 1.3125 support level. There is no bearish continuation yet to retest the 1.3000 support level. If the pair stage a bullish rally from the current level then there is a chance of a breakout above 1.3250. A further bullish movement could bring the pair up to test 1.3450 and the daily SMA 200.
Today Critical level to watch:
Support: 1.3125, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY started a bearish correction with a blue box area as a possible bounce place. If the pair continues moving lower below the box area then it could target the 115.90 level. Traders will wait for a further reaction from the box area for now. A major bullish reaction from the box area is a signal to enter long positions.
Today’s critical levels to watch:
Support: 120.00
Resistance: 125.00
AUD/USD
AUD/USD continues its ranging movement inside the orange box area. At the current time, the pair is trading at the 0.7500 resistance level. As mentioned in the previous analysis, the pair need a close above the orange box area to confirm further upside to the target of 0.7640. Under the current situation, it is better to continue to hold long positions while waiting for further reactions.
Today critical levels to watch:
Support: 0.7450, 0.7330, 0.7300, 0.7160
Resistance: 0.7500, 0.7550