USDX (USD Index)
U.S dollar has resumed the bearish trend and will target the 100.00 handle. The index was rejected from the level near 102.00 and printed a new lower swing high. If there is no further bullish attempt and close above 102.00 then the bearish trend could continue immediately. However, traders will observe the market reactions after the release of U.S. job data this week. A high volatility movement could happen after the data release.
EUR/USD
EUR/USD turned upward again and currently trading near the 1.1120 resistance level. The pair is in a bullish trend so the current upward movement is expected. However, traders who are waiting for the pair to reach 1.1000 will stay sidelined for now. Will the pair immediately continue the bullish trend? Alternatively, will it turn lower again to test the 1.1000 level? It will depend on the market reactions after the U.S. job data release this week.
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 from the 1.3125 level and started moving upward again. The pair will attempt to continue the bullish trend and print a new higher swing high. However, if the pair turns lower again then 1.3000 – 1.3050 is the area to watch for bullish reactions. Traders could wait near the area for a chance to enter long positions.
Today’s critical levels to watch:
Support: 1.3125, 1.3050, 1.3000
Resistance: 1.3250
USD/JPY
USD/JPY extended the bearish movement today and printed a new lower low. The pair is on the path to target 141.00, 139.30, and 137.70 levels. The trend is bearish and will become more apparent when the U.S. data show further weakness. Traders better avoid long positions in U.S. dollar until this month’s FOMC meeting. If the pair manages to reverse the bearish pressure and start moving upward then 147.00, 150.00 and daily SMA 200 are the levels to watch.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00, 155.00
AUD/USD
AUD/USD bounced from the 0.6700 level and currently trading between 0.6700 – 0.6750. The pair might continue consolidating inside the area this week until the release of U.S job data. Will the pair resume the bullish trend and target a new higher swing high? Alternatively, will the pair extend the bearish movement toward the daily SMA 200?
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000