USDX (USD Index)
U.S dollar index breakout above the bearish trendline, currently challenging the previous swing high. A new higher swing high might be printed on the chart which will put the trend bullish. At the current time, there is no sign of weakness yet which means traders better not enter short positions in the U.S. dollar. A structure change might also happen, requiring traders to reassess the current trend in the index.
EUR/USD
EUR/USD fall below 1.0650 support level and currently trading near the 1.0600 level. The pair situation is mostly bearish and there is no bullish reversal sign. If the bear continues to push the pair lower and prints a new lower swing low then the long-term trend will turn bearish. Under the current situation, traders better stay sideline and reassess the situation until a new structure is developed.
Today’s critical levels to watch:
Support: 1.0650
Resistance: 1.0800, 1.0900, 1.1000, 1.1120
GBP/USD
GBP/USD finally breaks down below both the daily SMA 200 and 1.2800 support levels. The situation is bearish as the breakout has moderate bearish momentum. It might continue lower to test the 1.2625 support level. If the pair could immediately return above the daily SMA 200 with strong bullish momentum then the bearish breakout will be canceled.
Today’s critical levels to watch:
Support: 1.2625
Resistance: 1.2800, 1.3000, 1.3050, 1.3250, 1.3300, 1.3450
USD/JPY
USD/JPY returned to a bullish track with today’s upward movement. The bullish movement prints a new higher high which might confirm the continuation of the bullish trend. Not much traders can do right now aside from letting the pair continue the bullish movement or fall below the daily SMA 200 to create a new bearish structure.
Today’s critical levels to watch:
Support: 151.80, 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD failed to turn the trend bullish and currently extending the bearish movement toward the 0.6500 support level. As the situation is bearish, traders better wait until the pair reaches the support level and form reactions. If the pair continue printing new lower swing low and lower swing high then the trend will stay bearish.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000