USDX (USD Index)

U.S dollar index under bearish pressure, but no decisive breakout yet to confirm the bearish continuation. We could say consolidation is ongoing and a breakout might happen after this week inflation data releases. If the index continues lower and printed a new lower swing low, then the bearish trend could continue. On the other hand, on the upside, a close above 100.00 might turn the trend bullish again.

EUR/USD

EUR/USD climbing above the 1.1710 and looks will target the 1.1820 resistance level. The pair showing bullish sign, and it might attempt to print new higher swing high. When the pair manage to print new higher swing high, it will confirm the continuation of bullish trend. This week, it might be better to monitor what happen to the U.S. dollar index to get better confirmation on the direction.

Today’s critical levels to watch:

Support: 1.1580, 1.1500, 1.1360, 1.1300

Resistance: 1.1710, 1.1820

GBP/USD

GBP/USD erased previous week’s loss and looks will continue the consolidation between 1.3450 – 1.3600. Traders will wait for a breakout from the range to confirm the next direction.If the pair make another bearish attempt, then the 1.3250 and daily SMA 200 is the major support to watch. On the upside, a close above the 1.3600 is the initial confirmation of bullish continuation.

Today’s critical levels to watch:

Support: 1.3450, 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000

Resistance: 1.3600, 1.3800, 1.4000

USD/JPY

USD/JPY heavily sideways since beginning of August. The pair made a bullish attempt and reached the daily SMA 200 where it got rejected. The sideways situation might continue, and traders better wait until a new higher swing high or lower swing low printed on the chart before taking positions. We still expect the pair to continue the bearish movement and target 145.00 support level.

Today’s critical levels to watch:

Support: 145.00, 142.00,

Resistance: 149.20, 150.00, 151.00

AUD/USD

AUD/USD slowly climbing above the 0.6500 and will target the top of broadening pattern. There is no change to the outlook as the pair continue moving upward. When the pair reaches the top of the pattern, traders could start scaling out of long positions while waiting for reactions. It might break out higher and continue the bullish trend. Alternatively, it might get rejected and resume the broadening pattern consolidation.

Today’s critical levels to watch:

Support: 0.6350, 0.6250, 0.6000

Resistance: 0.6500, 0.6700