USDX (USD Index)
U.S dollar index seems losing upward pressure as the index traded is lower for three days. If the index continues trading lower then a bearish correction is due and we might see downward movement to target the 100.00 – 100.30 area. Traders will wait near the area to enter long positions in the U.S dollar.
EUR/USD
EUR/USD bounced from the 1.0339 support level with moderate bullish momentum. The upward movement will soon reach the 1.0650 resistance level. Traders will observe the pair reaction near the resistance level. If the pair continues moving upward then it could target the 1.1000 resistance level.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD bounced from the 1.2200 support level with strong bullish pressure. The upward movement might reach the 1.2625 resistance level soon. If the resistance level is broken to the upside then we could see further bullish correction up to the 1.3000 resistance level. Traders will continue to monitor the pair reaction near resistances levels for the chance to enter short positions.
Today Critical level to watch:
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2400, 1.2500, 1.2625, 1.3000
USD/JPY
USD/JPY seems to be trading between 127.50 – 131.50 area with possible bearish correction toward the blue box area. Traders will continue waiting for the bearish correction to happen for a chance to enter long positions near support levels. There is no change to the bullish situation which means it is better to avoid short positions.
Today’s critical levels to watch:
Support: 126.00, 125.00, 120.00
Resistance: 130.00
AUD/USD
AUD/USD pushed below the 0.7000 support level but managed to reclaim the level today. There is bullish pressure to the upside and there is a chance of continuation toward the 0.7160 and the daily SMA 200. No change to the bearish outlook yet which means the current upward movement is a chance to enter short positions. Traders will wait for a bearish reaction near the resistance levels.
Today critical levels to watch:
Support: 0.6820, 0.6750
Resistance: 0.7000, 0.7160