USDX (USD Index)
U.S dollar index continue consolidating near the green box area without new higher swing high. The index ranging situation might continue for now and traders will wait for further confirmation. On the upside, a close above 100.00 or the daily SMA 200 might turn the trend bullish. Meanwhile, strong bearish rejection could become indication of bearish continuation.
EUR/USD
EUR/USD is consolidating near the 1.1580 level and might attempt to defend the level for now. If the pair could bounce upward strongly, then we might see the start of a new bullish leg. On the lower side, if the pair resume bearish movement, then 1.1500 will become the target to watch. We still favor bullish scenario to play out as there is no close below 1.1580 on the weekly timeframe.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD make another bearish attempt which reached the daily SMA 200 and 1.3250 level. The pair immediately bounce from the levels and looks will close near the opening level. We maintain bullish outlook in the pair and see the support level will hold out. On the lower side, a close below 1.3125 will become the invalidation for the bullish trend.
Today’s critical levels to watch:
Support: 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3450, 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY back under bearish pressure and currently trading inside the previous day’s range. The pair might consolidate near the current level and attempt to resume the upward movement. If there is bearish continuation, then the 150.00 level will become the major level to watch.
Today’s critical levels to watch:
Support: 151.00, 150.00, 149.20, 145.00, 142.00,
Resistance: 153.00
AUD/USD
AUD/USD flushed the stop order below 0.6500 and managed to recover near 0.6500 level. It seems the bear still in control, but a close above 0.6500 at the end of the day will create a false breakout situation. Will the pair bounce upward and restart the bullish trend? Alternatively, will it turn lower again and target the daily SMA 200?
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700