USDX (USD Index)
The bounce from the 110.00 support level keep gaining more bullish momentum as the U.S dollar index climbed on the daily chart. The index will target the previous swing high and attempt to print a new higher high. Traders will monitor the index reactions near the top. If the index forms major bearish reactions and made a major bearish close then we might see a bearish reversal.
EUR/USD
EUR/USD slowly move lower after the rejection from the parity level. There is no change to the bearish trend as the pair continue printing new lower lows and lower highs. Under the current situation, traders will continue to avoid long positions and enter short positions near the resistance levels. On the lower side, 0.9500 is the nearest target.
Today’s critical levels to watch:
Support: 0.9500
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD trading lower after the rejection from the 1.1450 resistance level. The pair might continue the bearish trend and target 1.0500 also the parity level. There is no bullish sign which means there is no reason for traders to enter long positions. GBP/USD needs to print a higher low and higher high to reverse the current bearish trend.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1450, 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY continues trading sideway near the top which means no change in the situation for now. We think a major movement with strong momentum will happen at the end of consolidation. Traders will prepare for the movement and stay sideline for now. On the lower side, 139.30 is the level to watch as the target. On the higher side, 150.00 is the bullish target.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance: 150.00
AUD/USD
AUD/USD extends the bearish movement and prints a new lower low on the daily chart. It means the bearish trend will continue and traders who have short positions will continue to hold the positions for now. Will the pair continue moving lower and target the covid low? Alternatively, if the pair could close above 0.6500 then there is a chance of a bullish reversal.
Today’s critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000, 0.7160, 0.7300