USDX (USD Index)
U.S dollar index turn lower with strong bearish momentum. The index move back below 100.00 handle and might resume the bearish movement. However, the latest structure is higher low with similar top. If the structure continues, then it might break out higher. If the index manages to print a lower swing low on the chart, the trend will change to bearish.
EUR/USD
EUR/USD bounced from the 1.1500 level with strong bullish momentum. It is currently trading near 1.1580 and will attempt to breakout higher. Traders who has long positions from 1.15000 could take partial profit while monitoring the pair reactions at 1.1580. A strong bullish breakout above the level will confirm a bullish continuation. Meanwhile, if there is bearish rejection, then the pair will continue ranging inside 1.1500 – 1.1580 area.
Today’s critical levels to watch:
Support: 1.1500, 1.1360, 1.1300
Resistance: 1.1580, 1.1710, 1.1820
GBP/USD
GBP/USD resume the bullish movement as it break out above 1.3125. The pair is on the path to target daily SMA 200 and 1.3250. If the pair could reclaim the position above both levels, print new higher swing high, then there is chance of bullish continuation. On the other hand, major bearish rejection from both levels might confirm a bearish continuation to target a 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 started a bearish correction after completed the 161.8% Fibonacci Extension target. We will watch the 155.00 level and the green box area below it. When the pair reaches the support levels and produces bullish reactions, traders could enter long positions. On the upside, 160.00 will become the major level to watch as target.
Today’s critical levels to watch:
Support: 153.00, 151.00
Resistance: 158.89, 160.00
AUD/USD
AUD/USD stick near the daily SMA 200 and currently consolidating near it. No major reactions yet from the level, we expect the pair to continue to stay near the averages and bounce upward with strong momentum. On the upside, the pair need to print a new higher swing high to confirm a bullish reversal.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700