USDX (USD Index)
U.S dollar index continues the bearish correction with another bearish close. The index will target the 110.00 support level where traders could prepare for long positions in the U.S dollar. As long as the index continues printing higher highs and higher lows, traders better avoid entering short positions in the U.S dollar.
EUR/USD
EUR/USD undergo a bullish correction and get near the parity level. The bullish situation is expected to continue for now until the level is reached. Traders will observe the pair reactions near the resistance level. If the pair get rejected with strong bearish reactions then traders could enter short positions.
Today’s critical levels to watch:
Support: 0.9500
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD manage to reach the 1.1450 resistance level which means the target has been completed. No strong bearish sign yet from the resistance level. If the pair made a major bearish close near 1.1450 then traders could consider entering short positions with a stop above the previous swing high.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1450, 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY is mostly sideways without any reactions at the top. The pair will continue the consolidation near the high for now. We think the bullish trend will continue with or without bearish correction. Traders better await bearish corrections toward the 140.00 level for a chance to enter long positions.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance: 150.00
AUD/USD
AUD/USD seems to consolidate near the 0.6500 level as the pair made another bullish close yesterday. There is no close above the 1-week high yet which means the sideway situation will continue. If the pair print a new lower low then the bearish trend is set to continue. On the other hand, a close above the 1-week high will open a bullish path toward 0.6700 and 0.7000.
Today’s critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000, 0.7160, 0.7300