USDX (USD Index)
U.S dollar index pushed lower but make a bullish reversal after the Fed FOMC meeting. It seems the downward movement already priced in and there is chance the index erased losses and continue moving sideways or upward. A rate cut already delivered and there are two more cut seen this year. As the index turn higher, it is better to wait for more confirmation or shorting the U.S. dollar at higher level.
EUR/USD
EUR/USD turn lower and currently testing the 1.1820 level. If the pair return inside the 1.1710 – 1.1820 area again then it might continue consolidating inside the area. On the other hand, if the pair could maintain the position above 1.1820 and bounce from it, then we will see bullish continuation. On the lower side, 1.1580 is the level to watch for bullish invalidation.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820
GBP/USD
GBP/USD made a bearish pin bar pattern today, which might turn into a bearish correction. As long as the pair stay above the 1.3600 level then there is chance of immediate bullish continuation. If the pair closed below 1.3600 then we might see consolidation between the 1.3450 – 1.3600 area again. Something to note, the 1.3600 area already broken to the upside which mean the bull still has upper hand.
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 might turn the current bearish breakout into a false breakout. If the pair could continue the climb and erase all the weekly loss, then we might see the pair trading sideways again. No conclusion yet on the next direction. We expect the pair to resume a bearish trend to target the 145.00 level or lower.
Today’s critical levels to watch:
Support: 145.00, 142.00,
Resistance: 149.20, 150.00, 151.00
AUD/USD
AUD/USD has completed the 0.6700 target and made a bearish reversal. We maintain a bullish outlook, but if the pair continue moving lower, then the green box area will become the area of interest for long positions. A breakout and close below 0.6500 will cancel the current bearish outlook. Traders who want to add long positions will place stop order below 0.6500.
Today’s critical levels to watch:
Support: 0.6700, 0.6500, 0.6350, 0.6250, 0.6000
Resistance: