USDX (USD Index)
The bearish pressure on the U.S dollar index managed to bring the index down to test 95.50. We have a bounce from the level and now the index is trading near the opening level. If the index could add more bullish pressure then we might see a close above the opening level. A close above the opening level will print a bullish pin bar pattern that indicates bullish continuation.
EUR/USD
EUR/USD trading upward and tested the 1.1300 – 1.1360 area. However, the pair losing bullish momentum and is currently relinquishing most of its gain. If the pair closed below the area then we might see a bearish continuation to target 1.1000. Traders will continue to avoid long positions at least until the major resistance level is broken and a higher high is printed.
Today critical levels to watch:
Support: 1.1185, 1.1120, 1.1000
Resistance: 1.1300, 1.1360
GBP/USD
GBP/USD printed a new lower low on the chart and the pair fall toward the 1.3250 support level. No bullish reaction yet from the support level for now. If the pair managed to close above 1.3250 at the end of the day then it will attempt to bounce from the level. Traders will wait for a bullish correction toward the nearest resistance level to add short positions.
Today Critical level to watch:
Support: 1.3330, 1.3300, 1.3250, 1.3000
Resistance: 1.3450, 1.3600, 1.3835, 1.4000
USD/JPY
USD/JPY pushed lower with strong bearish pressure today. However, the pair reverse the direction and currently trading near the opening level. If the pair maintain the position near the current level until the close of the trading day then we will have a major bullish pin bar pattern. If the pair start moving upward again then traders will expect a test on 114.50 resistance level.
Today critical levels to watch:
Support: 113.00, 112.00
Resistance: 114.50, 115.00, 115.90
AUD/USD
AUD/USD moved lower today below the 0.7160 support level and print lower low. The pair is in a bearish trend and traders will avoid long positions until the bearish pressure recede. A close above 0.7160 might stall the bearish movement and start a bullish correction to target 0.7300 – 0.7330. Short positions could be considered near the resistance area when there is a major bearish reaction.
Today critical levels to watch:
Support: 0.7160
Resistance: 0.7300, 0.7330