USDX (USD Index)
U.S dollar index got rejected from the 100.00 handle and looks continuing the downward movement. If the index gain more bearish momentum and fall sharply, then the bearish trend will continue. The key to watch is the formation of a new lower swing low on the chart. On the other hand, if the index continues to climb, form a new higher swing high and close above 100.00 then the trend will turn bullish.
EUR/USD
EUR/USD gaining more bullish momentum after the bounce from 1.1500. The pair is currently trading near the 1.1580 and will attempt to close the week above it. On the upside, a breakout and close above the trend line and new higher swing high will confirm the bullish reversal. Without it, the pair might continue lower to target the daily SMA 200 for a test.
Today’s critical levels to watch:
Support: 1.1500, 1.1360, 1.1300
Resistance: 1.1580, 1.1710, 1.1820
GBP/USD
GBP/USD return above 1.3125 and might be set to close the week above the level. It might produce a false bearish breakout below the 1.3125 and return the pair to neutral situation. On the upside, the daily SMA 200 might become the target for the current bullish movement. If the pair get rejected from 1.3250 and daily SMA 200 then there is chance of bearish continuation to print new lower swing low.
Today’s critical levels to watch:
Support: 1.3050, 1.3000
Resistance: 1.3125, 1.3250, 1.3300, 1.3330, 1.3450
USD/JPY
USD/JPY closed lower yesterday, near the previous swing high. It might continue to consolidate near the current level and attempt to continue the bullish trend. However, if the pair continue moving lower, then the 151.64 level is the support level to watch. We maintain bullish outlook on the pair and see the 155.04 and 157.34 as upward targets to watch.
Today’s critical levels to watch:
Support: 151.00, 150.00, 149.20, 145.00, 142.00,
Resistance: 153.00
AUD/USD
AUD/USD is trading near 0.6500 level for now as it might fluctuating up and down. If the pair manage to continue the bearish movement, then the daily SMA 200 is the level to watch. A breakout and close below the level, also new lower swing low, will confirm the switch to bearish trend. On the other hand, if the pair manage to bounce upward with strong bullish momentum, then we might see a new bullish leg to target higher swing high.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700