USDX (USD Index)

Yesterday was a big bullish day for the U.S dollar index. The index finally bounced from the 92.60 – 93.00 area and almost reach the 94.00. As mentioned in the previous analysis, if the index starts moving higher then 94.00 and 95.00 will become the upward target.

EUR/USD

EUR/USD pushed lower from the 1.1820 level and almost reach the 1.1710 support level today. On the long-term view, the U.S dollar index starts to move higher and might trigger further weakness in the opposite pairs. If the bearish pressure continues to mount in EUR/USD then we might see the pair continue its bearish move toward 1.1450 – 1.1500.

today critical levels to watch:

Support: 1.1710, 1.1600, 1.1580

Resistance: 1.1820, 1.2000, 1.2070

GBP/USD

GBP/USD closed near the 1.2800 support level yesterday. There is bearish follow-through today but the pair could bounce from the daily SMA 200. At the current time, the pair is trading above its opening level. If the bull could continue to maintain the bullish pressure then traders will prepare for sideway continuation inside 1.2800 – 1.3000 area.

Today Critical level to watch:

Support: 1.2800, 1.2625

Resistance: 1.3000, 1.3050

USD/JPY

USD/JPY printed a first bullish candlestick after a prolonged bearish trend. The pair formed a bullish pin bar pattern but might need a breakout above 105.00 to confirm the pattern. We think the current bullish reaction is a temporary reaction only and traders could use 105.00 as a level to place short positions.

Today critical levels to watch:

Support: 101.19

Resistance: 105.00, 106.0

AUD/USD

AUD/USD started a bearish movement from the 0.7300 – 0.7330 area yesterday. The bearish movement almost reaches the 0.7160 support level. However, there is a bullish reaction and the pair currently trades near its opening level. If the pair lose bearish momentum then we might see it stick near 0.7160 while waiting for a bounce.

Today critical levels to watch:

Support: 0.7160, 0.7000

Resistance: 0.7300, 0.7330, 0.7450, 0.7500