USDX (USD Index)
The U.S. dollar index appears to be weakening and is now on a weakening path toward the SMA 200. The trend seems to have changed for now but it can be concluded that it is still sideways with the absence of a higher swing high point or a lower swing low point. A bearish trend could begin if this decline closes below the daily SMA 200 and prints a lower swing low. On the other hand, if a bounce occurs then consolidation will continue.
EUR/USD
EUR/USD has risen above 1.0800 so the trend of the pair is bullish. The upward movement may continue towards 1.09000 and 1.1000. For this week, 1.0800 will be an important support point that needs to be guarded so that the trend does not turn bearish. If the pair turns down and forms a lower swing low point below 1.0650 then the bearish trend can continue.
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 increased and closed above 1.2800. This bullish move is quite significant but the pair needs to immediately rise above 1.2800 to confirm that a breakout above 1.2800 is valid. If the pair turns down and closes within 1.2625 – 1.2800 on a weekly basis then consolidation in that area will continue.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY experienced a bearish close for two consecutive days and there is now a possibility of a decline to the support point. Traders will wait for the pair near the support point, if the pair can bounce up with strong bullish pressure then the trader can enter a long position. However, if this weakness continues and the pair manages to form a lower swing low point then a bearish trend will begin.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD continued strengthening above 0.6700 and managed to reach 0.6750. The bullish trend can still continue with the point 0.6820 as the upside target. If the pair experiences bearish pressure and falls to 0.6700, traders can use this opportunity to enter a long position when a bullish reaction occurs.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000