USDX (USD Index)
U.S dollar index continues the bullish pressure and attempts to print a new higher high. The situation will continue as the global market situation soured. Despite the situation, we think a bearish reversal will happen in several months forward. Traders will continue to monitor the U.S dollar index movement near the top. At the current time, buying on weakness is the best strategy to apply as long as the index continues printing new higher highs and higher lows.
EUR/USD
EUR/USD bearish pressure has not subsided yet and the pair currently trading near the 0.9500 level. The pair might test the level and consolidate near it before deciding on the next direction. If the pair bounce from the level then the parity level is the resistance level to watch. If a bearish breakout happens then 0.9000 is the next support level to watch.
Today’s critical levels to watch:
Support: 0.9500
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD drop toward the 1.0500 support level and currently testing the level. If the pair extends the bearish movement then we might see GBP/USD target the parity level, following what happened in EUR/USD. There is no reason to turn bullish yet as the pair continue printing lower low and lower high. It is better to wait for a bullish correction to enter short positions near the resistance level.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1450, 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY turning up and currently pressuring to the upside. The pair will attempt to print a new higher high on the daily chart and continue the bullish trend. No change to the strategy traders could apply, a bearish correction is a chance for traders to enter long positions at a lower level.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance:
AUD/USD
AUD/USD is printing a new lower low on the daily chart. The pair keep moving lower and there is no bullish sign. If the pair start a bullish correction then traders could use the 0.6500 and 0.6700 level as places to enter short positions. Traders will continue to avoid long positions as the pair continue printing a new lower low and lower high.
Today’s critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000, 0.7160, 0.7300