USDX (USD Index)
U.S dollar index almost reached the daily SMA 200 which might show bearish reactions. Traders will continue waiting for the index to reach the resistance level and form bearish reactions to enter short positions in the U.S. dollar. In the long term, we think the index will resume the bearish trend and target a level below 100.00.
EUR/USD
EUR/USD reached the 1.0900 level yesterday and there are bounce reactions today. The pair might have completed the bearish movement but there is more room toward the daily SMA 200. If the pair continues moving lower then traders will wait for bullish reactions near the level for a chance to enter long positions. On the upside, a close above 1.1000 might become a confirmation that the trend has turned bullish again.
Today’s critical levels to watch:
Support: 1.0900, 1.0800
Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is supported by the 1.3050 support level and is slightly higher today. The pair might attempt to extend the bearish movement toward 1.3000 and test it. Traders will continue to use the support levels for a chance to add more long positions. However, if the pair breaks and closes below 1.3000, it will open the path toward the daily SMA 200. Nevertheless, we maintain a bullish outlook and use the chance to add more long positions near the daily SMA 200 when the pair manages to reach it.
Today’s critical levels to watch:
Support: 1.3050, 1.3000
Resistance: 1.3250, 1.3300, 1.3450
USD/JPY
USD/JPY has not made an attempt to move toward 150.00 and daily SMA 200. The pair is mostly sideways for now and traders will continue waiting for more confirmation. When the pair manage to reach the resistance levels and form bearish reactions, traders could enter short positions. However, if the pair manages to close above the daily SMA 200 then the trend will turn bullish for the medium term.
Today’s critical levels to watch:
Support: 147.00, 145.00, 142.00, 141.00
Resistance: 150.00, 155.00
AUD/USD
AUD/USD bounced from the level near 0.6700 and now has reclaimed the 0.6750 level. The pair will attempt to continue the bullish trend and target a new higher swing high. If the pair resumes the bearish movement then traders could wait near the daily SMA 200 for bullish reactions and a chance to enter long positions.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500
Resistance: 0.6820, 0.7000