USDX (USD Index)
U.S dollar index confirmed a bearish reversal from the 94.00 resistance level. The index falls with strong bearish momentum and moves below the previous week’s low. We have 93.00 as the bearish target for the current bearish movement. If the index could maintain the position above 93.00 and bounce from it then traders will expect a bullish continuation.
EUR/USD
EUR/USD bounced from the 1.1580 support level with moderate bullish momentum. The pair is set to target the 1.1710 resistance level and looking for a breakout. Traders will wait for the reaction near 1.1710. If the pair formed a major bearish reaction then traders could enter short positions with the expectation of bearish continuation toward 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 continues trading between the daily SMA 200 and 1.3835 resistance level without breakout. Yesterday, the pair tested the SMA 200 and there is bullish follow-through today. It seems the pair will reach the 1.3835 resistance level soon. Will a breakout happen and a bullish continuation toward 1.4000 realized?
Today Critical level to watch:
Support: 1.3600, 1.3450
Resistance: 1.3835, 1.4000
USD/JPY
USD/JPY printed a lower swing low below the previous week’s low. It seems the pair will start a bearish correction to target the 112.00 support level. As mentioned in the previous analysis, traders will wait for bearish corrections and enter long positions near the 112.00 support level when there is a major bullish bounce.
Today critical levels to watch:
Support: 113.00, 112.00
Resistance: 114.50, 115.00
AUD/USD
AUD/USD pressuring to the upside at 0.7550 and the daily SMA 200. The pair will look to breakout and close above the resistance levels. Without breakout and close above both levels, the pair set to continue the ranging movement inside the orange box area and there is a chance for bearish continuation.
Today critical levels to watch:
Support: 0.7500, 0.7450, 0.7330, 0.7300
Resistance: 0.7550