USDX (USD Index)
Tension in middle East brought fresh wind to the U.S dollar index which gained from the level near 100.00. The index is on the path upward to target the 102.00 level. It seems the consolidation between 100.00 – 102.00 will continue for now and traders will continue observe the reactions inside the area. When the index breakout and close outside of the range, traders will get confirmation on the next direction of the index.
EUR/USD
EUR/USD continues the bearish correction below the 1.1120 level and is now on the path lower to test the 1.1000 support level. The long-term trend is bullish but a breakout and close below 1.1000 might trigger deeper bearish correction toward the daily SMA 200. Under the current situation, traders will wait until the bearish pressure has receded before planning to enter more long positions.
Today’s critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD pushed lower and currently trading near the 1.3250 support level. The pair situation is bearish but it might stick near the 1.3250 or the previously broken resistance level. Traders will wait for bullish reactions near the current level. When the pair could bounce from 1.3250 then traders could add more long positions targeting a new higher swing high.
Today’s critical levels to watch:
Support: 1.3300, 1.3250
Resistance: 1.3450
USD/JPY
USD/JPY makes another bullish attempt as the fear shrouds the market. The pair is back inside the 145.00 – 147.00 area and might attempt to break out higher. At the current time, traders will monitor the pair reactions inside the area. Traders could enter short positions when the pair form a major bearish reaction. However, a breakout and close above 147.00 might turn the trend from bearish to bullish.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00, 155.00
AUD/USD
AUD/USD is slightly lower but maintains the positions near the swing high. The pair is in a bullish leg toward the 0.7000 resistance level. If the pair start moving lower again the 0.6820 is the support level to watch. Traders could continue to use the support level as a place to enter long positions. However, if the bearish movement manages to close below 0.6820 then a deeper bearish correction toward 0.6750 and 0.6700 might happen.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500
Resistance: 0.6820, 0.7000