USDX (USD Index)
Last week there was an increase in the U.S. dollar index which led to the bullish trend continuation. The index situation could continue to rise to form a higher swing high point this week. Traders can now only wait for a deeper bearish correction to occur if they don’t already have a position. Traders who already have a long position from the previous support point can continue to hold that position at this time.
EUR/USD
EUR/USD bounced off a spot near 1.0650 and the pair closed near 1.0500. There has been no closure outside this area so there is a chance for the pair to bounce up. If the pair can bounce up and then make a higher swing high point above 1.0650 then the pair’s situation can turn bullish.
Today’s critical levels to watch:
Support: 1.0500
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD pushed down in last week’s trading and closed near 1.2100. The pair is now inside the 1.2000 – 1.2200 area and will consolidate. For now, traders will observe the movement of the pair in this area. A close outside this area could be confirmation of the next direction.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY closed near 150.00 and no higher swing high formed. The situation of the pair is still bullish but traders will wait for the formation of a higher swing high point to confirm the continuation of the bullish movement. If the pair turns lower and forms a lower swing low point then a bearish correction towards 145.00 could occur.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD fell with quite a strong momentum and also tested the previously formed swing low point. It only takes a little more push lower for the pair to continue its bearish trend. Traders will now wait for a reaction at this point. If the pair can move up and form a close above 0.6500 then the situation may turn bullish.
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000