USDX (USD Index)
U.S dollar index keep pressuring to the upside and each bearish pressure on the index immediately subsided and the index turned bullish again. As the index continue printing new higher swing high and higher swing low, it is better to stay out of short positions in U.S dollar. When the index turn lower and test support level, traders could consider entering long positions in U.S dollar. On the lower side, 104.60 will act as support level.
EUR/USD
EUR/USD is attempting to continue the bullish movement after the bounce from 1.0339. The pair’s overall trend is bearish, which means the current bullish movement might be temporary only. Traders will wait near the resistance level for bearish reactions to enter short positions. On the upside, the pair needs to return above 1.0650 to initially confirm a bullish reversal.
Today’s critical levels to watch:
Support:
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120
GBP/USD
GBP/USD attempting to move upward but experiencing bearish rejection near the 1.2625 level. The pair turns lower but no new lower low is printed on the chart. If the pair extends the bearish movement and prints a new lower swing low then it will target the 1.2200 support level. On the upside, a close above the daily SMA 200 might become a bullish reversal confirmation. Without any close above the level or a new higher swing high, it is better to avoid long positions.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY is under bearish pressure and might continue lower to test the daily SMA 200 and 151.80 support levels. The pair’s bullish structure has not broken yet which means it has better odds to continue the bullish trend. On the lower side, a close below daily SMA 200 or 151.80 could become a bearish reversal indication. Without any close below both levels, it is better to avoid shorting the pair.
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 is back under bearish pressure and fell below 0.6500 with strong momentum. The pair is set to continue the bearish trend to target a new lower swing low. Without a major change to the bearish situation, the pair could continue the bearish movement to target the 0.6300 level. A close above the daily SMA 200 or a new higher swing low might confirm an initial bullish reversal.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000