USDX (USD Index)
The U.S. dollar index is moving up again but has not yet formed a higher swing high point. Global uncertainty and high inflation rates have caused the dollar index to remain at a high point. The bullish trend is still ongoing and the decline that occurred is a temporary bearish correction. Traders should continue to wait for further developments to confirm the direction. There is a possibility that the index could reverse direction towards the end of the year.
EUR/USD
EUR/USD moved down but the bearish pressure receded before the pair reached 1.0500. Consolidation of the pair between 1.0500 – 1.0650 will still take place and traders will wait for a close outside the range to confirm the direction of movement. For now, the pair has succeeded in forming a higher swing high and higher swing low point. If the pair can immediately move up and make a higher swing high point then the bullish trend can continue.
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 is holding near 1.2100 and now looks like it is trying to move up. The pair’s movement range is between 1.2000 – 1.2200 and will wait for closure outside the range. As long as there is no closing outside the range, traders will assume the movement range will be maintained and the pair will move sideways.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY made a bearish close below 150.00. However, there was no continuation of the bearish movement in the pair. Consolidation will still take place near the 150.00 point and traders can only wait for further reaction. If the pair continues to weaken then the point 145.00 could be a target for decline.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD is increasing and is testing the horizontal line on the chart. If the pair can continue its strengthening, the 0.6500 points will be the target for increases. The pair needs a close above 0.6500 to confirm a trend reversal. If the pair still moves down and forms a lower swing low point then the bearish trend will continue.
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000