USDX (USD Index)
U.S dollar index experienced a bearish reaction today as it previously touched the level near 102.00. The index might be set to continue the bearish trend to test the 100.00 handle. However, if the index turned upward again then the daily SMA 200 could become the next target to watch. Nevertheless, traders will continue waiting near the resistance level to enter short positions.
EUR/USD
EUR/USD turned upward before it could reach the 1.1000 support level. The pair might attempt to surpass 1.1120 and break out above the 1.1185 resistance level. When the pair manage to print a new higher swing high then the bullish trend could continue. On the other hand, if a bearish reversal happens then 1.1000 and 1.0900 are the bearish targets to watch.
Today’s critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD bounced upward from the 1.3125 level and will attempt to continue the bullish trend to target a new higher swing high. If the pair continues the bearish movement toward 1.3000 – 1.3050 or 1.2800 then it is a chance for traders to add more long positions. At the current time, it is better to avoid shorting the pair as the pair could turn upward anytime and print higher swing highs.
Today’s critical levels to watch:
Support: 1.3125, 1.3050, 1.3000
Resistance: 1.3250
USD/JPY
USD/JPY falls below the 145.00 level with moderate bearish pressure. It seems the bearish trend will continue as the pair formed a lower swing high after the test on 147.00. If the pair manages to print a new lower swing low then it will immediately continue toward 141.00. As mentioned before, traders will continue to maintain a bearish outlook on the pair until a new higher swing high is printed on the chart.
Today’s critical levels to watch:
Support: 145.00, 142.00, 141.00
Resistance: 147.00, 150.00, 155.00
AUD/USD
AUD/USD pushed lower today and tested the 0.6700 support level. It managed to print a new lower low but the pair immediately recovered all of its losses and currently trading above the opening level. The consolidation between 0.6700 – 0.6750 might happen now and traders will monitor the pair reactions. Will the pair reclaim a level above 0.6750 and continue the bullish movement to print a new higher swing high?
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500
Resistance: 0.6820, 0.7000