USDX (USD Index)
U.S dollar index on the path toward the 100.00 level and the green box area. The index looks will test the level, and it is better to wait for confirmation for now. When there is strong bearish reaction from the 100.00 level and no new higher swing high, traders could enter short positions.
EUR/USD
EUR/USD fall below 1.1580 and might extend the bearish movement toward 1.1500. The pair formed a new lower swing low but the next movement might depend on the closing level. If the pair could close near 1.1580 and reverse the bearish pressure before the weekly close, then there is a chance of bullish continuation. Traders who want to enter long positions will place stop order below 1.1390.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD reached the 1.3300 – 1.3330 area with strong bearish momentum. We have mentioned there is chance of continuation to test the 1.3250 and daily SMA 200. When the pair stabilize near the support levels, traders could start to enter long positions. We maintain bullish outlook and will use the 1.3125 as invalidation level for the current bullish trend.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY has not shown any weakness, the pair keep climbing above 151.64. Traders will wait until the pair lose the bullish pressure, start a bearish correction to retest the breakout level. When there is bearish correction and bullish reaction near the breakout level, then traders could enter long positions. As the trend has shifted to bullish, now traders will use each bearish correction as a chance to enter long positions.
Today’s critical levels to watch:
Support: 145.00, 142.00,
Resistance: 149.20, 150.00, 151.00
AUD/USD
AUD/USD is inside the green box area and looks will continue moving lower to test the bottom of the box area. Traders will use the bottom of box area as a place to enter long positions. The best scenario is false bearish breakout below the box area to confirm a bullish reversal. For now, it is time to wait and see until there is more bullish evidence.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700