USDX (USD Index)
The U.S. dollar index continues to stay near the daily SMA 200 point and is still waiting for the next direction of movement. March has arrived and the direction of the index’s next movement will likely be influenced by the release of inflation data and also the Fed’s meeting regarding interest rates. If the index falls with strong bearish momentum and forms a lower swing low point then the bearish trend will resume.
EUR/USD
EUR/USD managed to bounce from 1.0800 and closed above the daily SMA 200 at the end of last week. The situation of the pair tends to be bullish with this closing. However, sideway movement is likely to continue near the daily SMA 200 point for now. If the pair can move up with strong bullish momentum then the bullish trend will continue immediately. Traders will use the daily SMA 200 and 1.0800 points as places to enter long positions.
Today’s critical levels to watch:
Support: 1.0650, 1.0500
Resistance: 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD bounced from 1.2625 at the end of last week and now the pair is trading in the 1.2625 – 1.2800 area. Consolidation is expected to take place within the area and traders will tend to have bullish sentiment for a break above the area. When the pair manages to close above 1.2800, the bullish trend will resume.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY is holding near 150.00 for now so there is no confirmation regarding the direction of the pair’s next movement. If the pair continues its increase then the formation of a higher swing high point will confirm the continuation of the bullish trend. Meanwhile, a decline and close below the daily SMA 200 point could be a bearish confirmation.
Today’s critical levels to watch:
Support: 147.00, 145.00, 142.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD managed to stay above 0.6500 until the weekly close. The pair will now move between the 0.6500 points and the daily SMA 200. When the pair can close above the daily SMA 200 then the bullish situation can continue. Meanwhile, a decline below 0.6500 and the formation of a lower swing low point will confirm the continuation of the bearish movement in the medium-long term.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000