USDX (USD Index)
U.S dollar index turned higher as the index could not continue the bearish movement toward 100.00. Currently, traders will wait until the index loses upward pressure and gets rejected near the resistance level to enter short positions in the U.S. dollar. In the long term, we still think the index could continue the bearish movement as the Fed will continue cutting interest rates.
EUR/USD
EUR/USD was rejected from the 1.1185 resistance level and turned lower with moderate bearish pressure. The pair might attempt to continue the bearish correction to test the 1.1000 support level again. However, the pair could also reverse near the current level and resume the bullish movement. Traders will continue to maintain a bullish scenario for now and add more long positions when a bearish correction happens.
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 maintained a position above 1.3250 today as the pair tested the level. We expect the pair to continue bullish and print a new higher swing high. The next resistance level to watch is 1.3450. When the pair reached the resistance level and started a bearish correction, traders could wait near 1.3250 for bullish reactions. Long positions could be taken near the support level assuming that the bullish trend will continue as the Fed lowers interest-rate.
Today’s critical levels to watch:
Support: 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3300, 1.3450
USD/JPY
USD/JPY trading upward to the 145.00 – 147.00 area. As mentioned before, traders will wait for bearish reactions near the area for a chance to enter short positions. However, if the pair could close above 147.00 then the trend might turn bullish again. As long as the pair continues printing new lower swing low and lower swing high, traders better maintain a bearish outlook.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00, 155.00
AUD/USD
AUD/USD sticks near 0.6820 without a bullish close above it yet. The pair might continue consolidating near the level and traders will wait for confirmation. If the pair manage to close above the level then the bullish movement could immediately continue. Without a breakout above the level, the pair will continue trading inside the 0.6750 – 0.6820 area.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000