USDX (USD Index)
A bearish closing occurred on the dollar index yesterday, but there was no continuation of the bearish movement in today’s trading. The index is seen moving up and erasing all the decline that occurred yesterday. There is still no change in the situation, especially ahead of this week’s CPI data announcement. Next week, the Fed will decide on interest rates which will influence market movements.
EUR/USD
EUR/USD made a bullish close yesterday but currently, the pair is under bearish pressure and threatens a further decline towards 1.06500. There has been no strong confirmation that the bearish movement has ended. The decline is likely to continue towards 1.0650. If the pair manages to reverse direction then a close above 1.0800 and the 200 SMA is needed to confirm the 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 is trading near the daily SMA 200 point. Consolidation will take place ahead of the Fed’s interest rate announcement and now traders can only wait for developments. The pair needs a close above 1.2625 and the formation of a higher swing high to confirm a bullish reversal. Meanwhile, traders could accumulate long positions near the daily SMA 200 with a stop below the previous swing low.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY closed below 147.00 which could confirm further weakness. However, the pair is now strengthening and has returned above 147.00. Consolidation seems to be continuing at this time ahead of the announcement of CPI data and also the announcement of the Fed’s interest rates. Traders will still assume that the trend is still bullish with the pair continuing to form higher swing high and higher swing low points.
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 jumped up in yesterday’s trading past the high point formed several days ago. However, the bullish pressure does not continue and the pair is trading sideways. Will the pair be able to continue its upward movement towards 0.6500? Or will the pair turn bearish again and continue the bearish trend?
Today’s critical levels to watch:
Support:
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000