USDX (USD Index)
U.S dollar index mostly weak and is set to breakout below the wedge pattern. The trend is bearish and no change to the situation. Whenever the index started a bullish correction, traders could use the chance to enter short positions in U.S. dollar. On the upside, 100.00 is the major resistance level for now. A breakout and close above 100.00 could trigger higher bullish correction toward 103.00 – 103.74.
EUR/USD
EUR/USD stick near the 1.1300 – 1.1360 area for now and looking for bounce from the area. If the pair could bounce upward with strong momentum, then it will end the bearish correction. The overall trend of the pair is bullish, and traders will use each bearish correction as a chance to add more long positions. If a bearish breakout happens, then traders could wait near 1.1000 – 1.1185 area for a chance to add long positions.
Today’s critical levels to watch:
Support: 1.1300, 1.1185
Resistance: 1.1360, 1.1500, 1.1580
GBP/USD
GBP/USD bounced from the 1.3250 support level with strong bullish momentum. The pair is set to target the 1.3450 resistance level and look for a bullish breakout. If the pair could break out higher, then 1.3600 will become the next target to watch. We expect the pair to continue its bullish trend, and traders will make use of each bearish correction in the pair as a chance to add long positions.
Today’s critical levels to watch:
Support: 1.3330, 1.3300, 1.3250, 1.3150, 1.3050, 1.3000
Resistance: 1.3450
USD/JPY
USD/JPY might have broken below the rising wedge pattern today and confirm the continuation of bearish trend. The pair will target the previous swing low and the 138.00 – 139.00 area. Under current situation, traders who have short positions will continue to hold the positions now. If the pair could turn upward and print new higher swing high, then the situation will turn bullish and cancel bearish outlook.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD stick near the daily SMA 200 for now and will attempt to breakout above the level. We expect the pair to continue building more bullish pressure and flip above the daily SMA 200. When the pair close above daily SMA 200, it will confirm the continuation of bullish trend for long-term. Traders could enter long positions when price makes a pullback toward the daily SMA 200 after breakout happen.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700