USDX (USD Index)
The upward movement of U.S dollar index made a dent to 94.00 resistance in the previous week. The price closed as a bearish pin bar, but continue showing bullish persistence. If the index could close above 94.00 this week, it will open the path toward bearish trendline or 95.50.
Though, the movement might be put to hold as U.S market is out on Columbus Day holiday today.
Technical Analysis
EUR/USD
EUR/USD is at a crossroad, and the pair is looking to break downside below 1.1710. Overall, the short-term trend looks bearish, but there is a possibility the pair could make another push upside to test 1.1900 – 1.1925 before further downside. A bounce is not mandatory, and traders could continue to expect the pair move downside.
Today critical level to watch:
Support: 1.1710
Resistance: 1.1820, 1.1900, 1.1925, 1.2000
GBP/USD
GBP/USD dived in the previous week and got near 1.3000 support level. The pair shows mini-reversal on Monday, but the price has not moved above Friday high. We will expect GBP/USD to continue lower and test 1.3000 or the daily SMA 200 before reversal. If both support level hold, the bull might come in and attempt another bullish leg to test yearly high.
Today critical level to watch:
Support: 1.3000, 1.2800
Resistance: 1.3250, 1.3300, 1.3342
USD/JPY
No change of direction on USD/JPY daily chart, the pair rejected from 113.20 again and continued lower on Monday. However, it looks like the bull will come in and close the pair above 112.50. If the pair closed above 112.50, traders could expect another test at 113.20 and possible breakout upside.
Today critical level to watch:
Support: 112.50, 112.00, 111.60, 111.00, 110.50
Resistance: 113.00, 113.20, 114.00
AUD/USD
The pair has reached 0.7690 – 0.7750 area and might enter consolidation period if no lower low printed. It might trade between 0.7750 – 0.7810 until next direction settled. Short position near 0.7810 is favorable following the bearish trend established. However, traders might want to be careful near the daily SMA 200.
Today critical level to watch:
Support: 0.7750, 0.7690
Resistance: 0.7800, 0.7875, 0.7900, 0.7970, 0.8000, 0.8100