USDX (USD Index)
The U.S. dollar index closed bearish on Friday and is only a little away from touching the daily SMA 200 and 103.85. Testing this area will be the focus of traders this week. If the index can maintain the position and bounce from these two points then the situation may turn bullish in the short term. However, if the index immediately falls and closes below these two points then the bearish trend of the index will immediately continue.
EUR/USD
EUR/USD rose and closed above the daily SMA 200 so the situation of the pair is bullish at the moment. Apart from that, the pair immediately rose and closed above 1.0900 and now has the opportunity to continue strengthening towards 1.0900. If the pair makes a bearish movement then the daily SMA 200 points and 1.0800 will become support points where traders wait for a bullish reaction and opportunities for long positions.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0500
Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD was able to stay above the daily SMA 200 last week so the bullish situation can still continue. Traders will wait for a further bullish reaction from the pair above the daily SMA 200. For now, the pair is likely to consolidate near the daily SMA 200. Traders also need to pay attention that this week there will be a Thanksgiving holiday in the West which could cause movements with low volume and high volatility.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2625, 1.2800
USD/JPY
USD/JPY closed below 150.00 at the end of last week so the situation of the pair will be bearish. It should be noted, that no lower swing low point formed yet so there is still a chance for the pair to reverse direction. If the pair can move up sharply then the bearish scenario will be postponed for a while. Further decline will bring the pair down towards 145.00.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD is hovering near 0.6500 and has not continued its rise towards the daily SMA 200. Consolidation will take place for now near 0.6500 and traders will wait for further reactions. If the pair can rise further and then make a close above the daily SMA 200 then the bullish trend may continue. Conversely, a downside bounce from 0.6500 followed by the formation of a lower swing low will confirm the continuation of the bearish trend.
Today’s critical levels to watch:
Support: 0.6350, 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000