USDX (USD Index)
U.S dollar index starts a bearish correction and traded lower for two days. The index might continue the bearish movement and target the 110.00 support level. Traders will monitor the index reactions near the support level. If the index could bounce with strong bullish reactions then traders could enter long positions in the U.S dollar.
EUR/USD
EUR/USD mostly higher after the bounce reaction from the level near 0.9500. The pair might continue upward to test the parity level. As long as there is no close above parity level or new higher high printed then traders will continue to assume the trend will continue bearish. Short positions could be taken when there are major bearish reactions.
Today’s critical levels to watch:
Support: 0.9500
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD trading upward and might reach the 1.1450 resistance level soon. Traders will monitor the pair reactions near the resistance level. If the pair get rejected and there is no higher high printed then traders could enter short positions. However, if the pair could print a new higher high then we might see a bullish continuation toward the 1.2000 – 1.2200 area.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1450, 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY continues trading sideways near the top. The pair might continue the sideway movement until the end of the week. If the pair continues moving upward then 150.00 is the resistance level to watch as a target. At the current time, traders will wait for a bearish correction toward the support level for a chance to enter long positions.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance: 150.00
AUD/USD
AUD/USD holding out near the 0.6500 support level after the bullish close above it. The pair might continue to stick near the level until the week’s closing. If the pair could bounce upward then it might target 0.6700 and 0.7000 resistance levels. On the other hand, further weakness and a new lower low are bearish confirmations.
Today’s critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000, 0.7160, 0.7300