USDX (USD Index)
U.S dollar index extending the upward movement and return to the 100.00 handle. The index will test the level and traders will wait for reactions. If the index breakout higher, then we will have a double bottom pattern with SMA 200 as minimum upside target. On the other hand, if the index resumes the bearish movement and print a new lower swing low, then the situation will continue bearish.
EUR/USD
EUR/USD turned lower and currently trading below the 1.1300 level. The pair failed to print a new higher swing high in the latest bullish attempt. We might see the pair attempt to target the 1.1000 support level in the current bearish leg. Nevertheless, traders will wait near support level for bullish reactions to enter long positions.
Today’s critical levels to watch:
Support: 1.1185, 1.1000
Resistance: 1.1300, 1.1360, 1.1500, 1.1580
GBP/USD
GBP/USD got rejected from the 1.3600 resistance level and now moving lower to retest the broken 1.3450 level. If the pair breakout lower, then traders could expect deeper bearish correction to target 1.3250. We suggest traders maintain a bullish outlook and wait until the bearish correction over to add long positions at a lower level.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600
USD/JPY
USD/JPY keep gaining and has reached the 145.00 level today. The pair might continue the upward movement to target the Fibonacci Retracement area again. We still see the pair continue the bearish movement in the long-term. However, in short-medium term, it seems the pair will continue gaining with daily SMA 200 as upward target.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD trading lower after the test on the top of green box area. The pair might extend the bearish movement toward the bottom of green box area. Overall, the trend is sideways inside the box area and traders will wait for close outside the range to confirm the next direction. In the long-term, the direction is bullish and the movement below 0.6000 is the thing that will cancel the outlook.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700