USDX (USD Index)

The bearish pressure on the U.S dollar index continues to mount and the index closed near 92.60 yesterday. Today, the bear is attempting to bring the index lower toward the 92.00 support level. We think the bearish pressure will continue to increase and eventually break the 92.00 support level next.

EUR/USD

EUR/USD extends its bullish close and managed to close above 1.1820 yesterday. The pair expected to continue its bullish pressure and target 1.2000 next. Traders who have long positions could continue to hold their positions. On the other hand, short positions must be avoided until there is a major bearish close on the pair.

today critical levels to watch:

Support: 1.1710, 1.1580, 1.1500

Resistance: 1.1820, 1.2000

GBP/USD

GBP/USD sharply higher and closed above Wednesday high. The pair also closed above 1.3125 and expected to extend the bullish movement toward 1.3250. Under the current situation, the bullish trend might have started and the GBP/USD long-term target lies at 1.3500.

Today Critical level to watch:

Support: 1.3125, 1.3050, 1.3000

Resistance: 1.3250

USD/JPY

Not much hope for the bull as USD/JPY made a strong bearish close below 104.00. The pair set to target 101.50 and 100.00 in the long-term. At the current time, it is better to avoid long positions and wait for a bullish correction to enter short positions.

Today critical levels to watch:

Support: 101.50, 101.19

Resistance: 104.00, 105.00, 106.00, 106.70

AUD/USD

AUD/USD jumped from the 0.7160 level and closed near the 0.7300 – 0.7330 area. The pair continue to add bullish pressure and might eventually breakout above the area. On the upside, 0.7450 – 0.7500 will become the bullish target when a breakout happens.

Today critical levels to watch:

Support: 0.7160, 0.7000, 0.6820

Resistance: 0.7300, 0.7330