USDX (USD Index)
The bearish correction of the U.S dollar index seems stopped before it could hit the 100.00 – 100.30 area. The index moved upward but could not maintain the bullish pressure. At the current time, it is trading near yesterday’s high and might close the day near it. Traders will continue waiting for the index to continue the bearish correction toward the 100.00 – 100.30 area.
EUR/USD
EUR/USD trading lower from the 1.0800 resistance level with moderate bearish momentum. However, the bearish momentum seems losing pressure, and the pair is currently back near yesterday’s low. Will the pair continue the bullish movement and target the 1.1000 resistance level next? Alternatively, will the pair resume the bearish trend below the 1.0650 level?
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000
Resistance: 1.0800, 1.0900
GBP/USD
GBP/USD trading sideway near the 1.2625 resistance level. There is no major development as traders are waiting for the U.S job data released this week. If the price gets rejected and starts trading lower then we might see a continuation toward the 1.2000 – 1.2200 area. Traders could place short positions at 1.2625, 1.2800, and 1.3000 with stops above daily SMA 200.
Today Critical level to watch:
Support: 1.2500, 1.2400, 1.2200, 1.2100, 1.2000
Resistance: 1.2625, 1.3000
USD/JPY
USD/JPY is in a bearish correction phase toward the blue box area and the trendline. However, the pair stage a bullish bounce from the 23.6% Fibonacci Retracement level. If the pair continues upward then a new floor formed at the 23.6% Fibonacci Retracement level and traders could place stop order below it for long positions.
Today’s critical levels to watch:
Support: 126.00, 125.00, 120.00
Resistance: 130.00
AUD/USD
AUD/USD extend the bullish close and managed to close the day above 0.7160. The pair is currently under bearish pressure but continues trading above the 0.7160 level. If the price continues moving upward then traders will wait near the daily SMA 200 for a chance to enter short positions when major bearish reactions happen.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160