USDX (USD Index)
The bullish movement of the U.S. dollar index finally halted today with a bearish movement. The index might close the day lower but it is continuing the bullish movement for the week. On the upside, the index might attempt to extend the bullish movement toward the 107.37 Fibonacci Extension level. Under the current situation, traders will continue to assume that the bullish trend will continue. If the index turns lower then traders will wait near the 105.00 level for bullish reactions.
EUR/USD
EUR/USD extended the bearish movement below the 1.0650 level and there is no major bullish sign yet. The pair might attempt to move upward and retest the 1.0650 level. If the pair get rejected with strong bearish reactions near the level then traders could consider entering short positions. However, if the pair could close above the level with a strong bullish close then there is a chance of a short-term bullish reversal.
Today’s critical levels to watch:
Support:
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120
GBP/USD
GBP/USD extended the bearish movement and currently testing the 1.2625 level. The pair might have turned bearish now and a bullish correction toward 1.2800 or daily SMA 200 is a chance to enter short positions. Traders will stay cautious and wait for further reactions now. As long as the pair continue printing new lower swing low and lower swing high then the trend will continue bearish.
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 turned lower today with a strong bearish movement as the U.S. dollar index looks weaker. If the bearish pressure is maintained then the pair will close the day with a bearish engulfing pattern. If the pair extended the bearish movement in the upcoming week then there is a chance of bearish movement toward 151.80. Traders could wait near 151.80 and the daily SMA 200 for bullish reactions. When the pair bounces upward with strong bullish momentum then it is a chance for traders to add long positions.
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 extended the bearish movement below the 0.6500 level yesterday. The pair is mostly bearish right now but there is no bearish continuation today. As the overall trend is bearish, traders better avoid long positions for now. If the pair could close above 0.6500 then we might see a bullish correction toward the daily SMA 200.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000