USDX (USD Index)
The bullish pressure on the U.S dollar index continues last week. We have a bullish pin bar pattern formed from the 92.60 – 93.00 support levels. However, there is no bullish breakout above the pattern high yet. U.S dollar index is expected to continue its bullish movement and target 94.00 and 95.00 resistance.
On the long-term view, as long as the index stays below 95.00, the index trend is expected to continue bearish.
EUR/USD
EUR/USD managed to maintain a closing level above 1.1820 at the end of the previous week. The pair might stick near the 1.1710 – 1.1820 area this week while waiting for the trigger to move. If the pair could continue upward then 1.2000 and 1.2070 will become the target.
On the other hand, if the pair make the deep bearish correction then the 1.1450 – 1.1500 area will become the target.
today critical levels to watch:
Support: 1.1820, 1.1710, 1.1600, 1.1580
Resistance: 1.2000, 1.2070
GBP/USD
GBP/USD touched down on the 1.2800 support level and almost reach the daily SMA 200. There is no reason to turn bullish on the pair yet. This week, traders will observe the pair reaction near 1.2800 and daily SMA 200. Fundamentally, the market is waiting for the standoff between the UK and EU on the Brexit deal.
Today Critical level to watch:
Support: 1.2800, 1.2625
Resistance: 1.3000, 1.3050
USD/JPY
USD/JPY settled inside the triangle pattern and between 105.00 – 106.70 area. The pair next direction is sideways inside the range and waiting for a breakout. Traders might want to continue to observe the pair reaction inside the range and trade the breakout direction. We favor the bearish scenarios to play out, however, if the pair could close above 106.70 and the daily SMA 200 then traders need to get out of positions.
Today critical levels to watch:
Support: 106.00, 105.00, 101.19
Resistance: 106.70, 108.00
AUD/USD
AUD/USD pushed lower and initially on the path toward 0.7160. However, the pair made a bullish reversal and stick near 0.7300 – 0.7330 area until the weekly close. This week, traders will wait for reaction from the 0.7300 – 0.7330 area. If the pair start moving lower then traders will target 0.7160 and 0.7000 on the path lower.
Today critical levels to watch:
Support: 0.7160, 0.7000
Resistance: 0.7330, 0.7450, 0.7500