USDX (USD Index)
The U.S. dollar index continued its bullish movement today, breaking the bearish situation on the index. Things have turned bullish for the medium term now so traders will be waiting for the Fed meeting this month for further confirmation. Will the bullish pressure continue after the Fed announcement? Or is there a bearish reversal so that the index drops below the daily SMA 200?
EUR/USD
EUR/USD continues its weakness below the 1.0800 point and the daily SMA 200. The pair is heading towards 0.6500 and traders will now wait for the pair to reach that point. As long as there are no lower swing lows or closing below 0.6500, there is a chance for a bullish reversal. A close back above the daily SMA 200 could be indicative of a bullish reversal.
Today’s critical levels to watch:
Support: 1.0650
Resistance: 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD continues its weakness towards the daily SMA 200 point. However, the bearish momentum appears to be waning and the pair is trading near yesterday’s low point. If the pair continues to climb up and close again above 1.2625 then the situation may turn back to bullish. Still the same as before, when the pair tests the daily SMA 200 point, it is an opportunity for traders to enter long positions.
Today’s critical levels to watch:
Support: 1.2625, 1.2200
Resistance: 1.2800, 1.3000, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY has again formed a higher swing high point and looks to continue strengthening. The point 150.00 is the next target for the increase if nothing changes in the situation. For now, the pair is above 147.00, if the pair goes down and closes below 147.00 today or tomorrow then the sideway situation between 145.00 – 147.00 can resume.
Today’s critical levels to watch:
Support: 145.00, 141.00, 140.00, 139.30, 137.70, 133.00
Resistance: 147.00
AUD/USD
AUD/USD weakened and formed a lower swing low point so the bearish trend still doesn’t look like it will end. The bearish situation of the pair will continue for a while and traders should not enter long positions. After the pair returns and closes above 0.6500, traders can start to consider entering a long position.
Today’s critical levels to watch:
Support:
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000