USDX (USD Index)
The bullish trend on the U.S. dollar index has not been broken with the index still near its high point. There is no significant bearish correction so this bullish movement still has the opportunity to continue. If a decline occurs, as long as a lower swing low point is not formed then the bullish trend will continue. However, if a lower swing low point forms and closes below the daily SMA 200 then the index trend will change.
EUR/USD
EUR/USD has reached 1.0650 and is still consolidating near it. The next movement of the pair will wait for further reaction. If the pair still moves down and forms a lower swing low point then the bearish trend can continue immediately. Meanwhile, if there is an increase, the previous swing low point of 1.07254 will be a resistance point that needs to be paid attention to.
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 continues to move lower with a lower low forming. There is no visible change in the bearish situation and traders should not enter long positions. When the pair manages to reverse direction near the support point, then traders will start looking for long positions. For now, if there is an increase in the pair then traders will wait near the resistance point for opportunities to enter short positions. A close above the daily SMA 200 point would be a confirmation of the trend reversal.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY maintained bullish pressure and continued to close near the high. There has been no significant bearish correction and this is the lowest point for the yen in 34 years. There has been no movement from the BOJ to address the weakening Yen but it is expected that action will be taken. Traders will be prepared for the intervention to occur while maintaining long positions for now.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD is moving down to form a lower swing low and there is no sign of a strong reversal. The current trend is turning bearish and any rise to the resistance point will be an opportunity for short positions. However, if the pair manages to rise above the daily SMA 200 point then the trend can turn bullish again.
Today’s critical levels to watch:
Support: 0.6350, 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000