USDX (USD Index)
The overall movement of the U.S dollar index is bullish for the long term. However, there were major bearish reactions last week which print a bearish engulfing pattern on the chart. Despite the bearish development, there is no bearish follow-through in today’s trading session. If the index starts moving upward again then traders will expect a new higher high.
EUR/USD
EUR/USD currently trading between 0.9500 and the parity level where the situation is bearish. The pair currently undergo bullish correction and might reach a parity level to test it. Traders will monitor the pair reactions between 0.9500 and the parity level for now. If the pair closes above the parity level then traders will expect a bullish continuation to target 1.0339. On the other hand, further weakness will target the level below 0.9500.
Today’s critical levels to watch:
Support: 0.9500
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD opened higher today near the 1.1450 resistance level. However, there is no bullish continuation which means the ranging movement might continue for now. Traders will continue to monitor the pair reactions at the 1.1450 resistance level. If the pair could close above it then we might see a continuation toward the 1.2000 – 1.2200 area.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1450, 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY made a major bearish reaction at the 150.00 resistance level last week. However, the pair make a bullish recovery today to erase most of the losses incurred. At the current time, traders will monitor the pair reactions at the 150.00 resistance level. Another bearish reaction could become a confirmation of a bearish reversal.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance: 150.00
AUD/USD
AUD/USD closed higher at the end of the week however, the pair erased all of the gains today, and the pair traded under bearish pressure. Will the pair reverse the bearish pressure and continue moving upward to target 0.6500 and 0.6700 resistance levels? Alternatively, will it resume the bearish movement to target 0.6000?
Today’s critical levels to watch:
Support: 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000