USDX (USD Index)
A bearish reaction occurred in the U.S. dollar index near 103.50 after the announcement of the FOMC minutes of the meeting. If the index can add to the bearish pressure and close below yesterday’s or last week’s low then the bearish trend could continue towards 100.00. Although bearish, there is room for a strengthening towards the daily SMA 200 which could give traders an opportunity to enter short positions on the U.S. dollar.
EUR/USD
EUR/USD is seen moving up today approaching the 1.0900 resistance point. The pair will test this point and possibly continue its bullish trend toward the point above 1.1000. As previously written, if the pair continues its bearish correction, then the daily SMA 200 is a downside target and a place where traders can consider long positions.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0339
Resistance: 1.0900, 1.1000
GBP/USD
GBP/USD continues its upward movement towards the current 1.2800 point. The pair is expected to continue its bullish trend with 1.3000 as the target for an increase. As long as the pair continues to form higher swing highs and higher swing lows, the trend will continue to be bullish. For now, the movement range is still between 1.2625 – 1.2800 and traders will wait for confirmation of closing outside the range.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100
Resistance: 1.2800
USD/JPY
USD/JPY showed a bearish reaction today and dropped below the previous week’s low. Is this a confirmation that the pair will start its bearish correction toward the support levels? Traders will wait for the pair to reach support at 141.00 for a bullish reaction and opportunities to enter long positions.
Today’s critical levels to watch:
Support: 141.00, 140.00, 139.30, 137.70, 133.00
Resistance: 145.00, 147.00
AUD/USD
AUD/USD made a bearish close yesterday but managed to hold above the previous day’s low. The pair is currently experiencing bullish pressure and will test the daily SMA 200 and the 0.6700 – 0.6820 area. Traders will be waiting for further reaction from that point for confirmation of the next direction.
Today’s critical levels to watch:
Support: 0.6700, 0.6500, 0.6000
Resistance: 0.6750, 0.6820, 0.7000