USDX (USD Index)
U.S dollar index seems to start a consolidation between 92.60 – 93.00 area. Traders might be waiting for the stimulus decision in the U.S. However, the global market currently retreats on a surge of new coronavirus cases in the west. If there is no stimulus deal approved and coronavirus cases continue uncontrolled then we might see the U.S dollar index start moving higher.
EUR/USD
EUR/USD secured a close above 1.1820 last week and might attempt to continue upward to target 1.2000. However, there is no bullish continuation yet at the current time. The pair slightly lower and soon will test the 1.1820 level. If the pair could maintain bullish pressure above 1.1820 then traders will prepare for continuation toward 1.2000.
today critical levels to watch:
Support: 1.1820, 1.1710
Resistance: 1.2000
GBP/USD
There was a massive jump above 1.3000 in GBP/USD. However, there is no bullish continuation above the candlestick high yet. The pair has closed lower for two days and might settle near 1.3000 today. Traders will observe the 1.3000 support level for a bullish bounce. If a bounce happens then traders will expect the pair to target 1.3250.
Today Critical level to watch:
Support: 1.3000, 1.2800, 1.2625
Resistance: 1.3050, 1.3125, 1.3250
USD/JPY
USD/JPY closed below 105.00 and waiting for further bearish pressure toward 104.00. No major reaction from the 105.00 level yet. If the pair could climb above and close above 105.00 then we might see the bearish scenario canceled. On the other hand, a lower close below the previous week low will trigger major selling in USD/JPY.
Today critical levels to watch:
Support: 104.00, 101.50, 101.19
Resistance: 105.00, 106.00, 106.70
AUD/USD
AUD/USD reached the 0.7160 resistance level. We might have a double bottom pattern formed with 0.7160 as the confirmation line. If AUD/USD could close above 0.7160 then we might see continuation toward the 0.7300 – 0.7330 area. On the other hand, further bearish close from the 0.7160 level might trigger bearish movement toward 0.7000.
Today critical levels to watch:
Support: 0.7000, 0.6820
Resistance: 0.7160, 0.7300, 0.7330