USDX (USD Index)
No major bearish close yet below the 94.00 level. U.S dollar index might be under pressure yesterday but it managed to recover and closed near the opening level. The index continues to maintain the balance between the bearish and bullish pressure today and might close the week near the 94.00 level. Will the pair continue lower to target the 93.00 support level? Alternatively, will it continue moving upward and target 95.00?
EUR/USD
EUR/USD managed to maintain the position above the 1.1580 support level. The pair will attempt to settle the weekly trading above the support level and target the 1.1710 resistance level next. No conclusion yet on the next direction, traders will wait for the weekly closing level. If the pair close below 1.1580 then we might see further bearish pressure to test 1.1500.
Today critical levels to watch:
Support: 1.1580, 1.1500, 1.1360
Resistance: 1.1710, 1.1820, 1.2000, 1.2070
GBP/USD
GBP/USD has not closed above the daily SMA 200 yet which means there is no bullish confirmation yet. However, the pair building bullish pressure today is above the averages. If the pair could close the day above the averages then the bullish movement could continue next week. On the other hand, if the pair produce a major bearish reaction from the current level then the bearish trend will continue to target 1.3450 and lower.
Today Critical level to watch:
Support: 1.3600, 1.3450
Resistance: 1.3835
USD/JPY
USD/JPY shoot to the upside and reached the level near 114.50 resistance level. The pair moving up as expected and might continue to target 115.00 resistance level. Under the current situation, there is no change to the bullish outlook and traders will continue to avoid short positions. If the pair make a bearish correction then traders could use the 113.00 level as a place to enter long positions.
Today critical levels to watch:
Support: 113.00
Resistance: 114.50, 115.00
AUD/USD
AUD/USD moving upward and almost reach the 0.7450 resistance level. The pair currently trades back near its opening level. Will the pair continue its bullish movement and target daily SMA 200? Or will it start a new bearish leg to target the level below 0.7160? Under the current situation, traders will wait for a major bearish reaction from 0.7450 – 0.7500 area or bullish breakout above it.
Today critical levels to watch:
Support: 0.7330, 0.7300
Resistance: 0.7450, 0.7500