USDX (USD Index)
The U.S. dollar index continued its weakening in today’s trading where the price almost touched 102.00. A panic situation hit the market, especially in the stock market, apart from that, the dollar index, which is usually in the opposite direction of stock movements, also fell. Since the current situation has high volatility, traders should wait until the situation calms down. Will the index continue to weaken below 100.00 or will there be a temporary reversal and the selling pressure in the market will subside?
EUR/USD
A spike occurred in the EUR/USD pair in line with the weakening of the dollar index. It can be said, that only EUR/USD moved normally against the U.S. dollar index. Pairs such as GBP/USD, and AUD/USD weakened sharply. Technically, a test of 1.1000 will take place and the major support point is at 1.0900. When the pair manages to rise and close above 1.1000 then the bullish situation will continue.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0500
Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD experienced weakness below 1.2800 and there has been no upward spike to continue the bullish trend. Still the same as the previous analysis, traders will continue to use the area between 1.2625, daily SMA 200 and 1,800 for long position opportunities. As long as the pair stays above the daily SMA 200 and does not form a lower swing low point, the bullish opportunity is still quite high.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY slid down without significant obstacles. There is no bullish reaction in the pair so there will be no bullish correction yet. However, there is a possibility that the current decline will stall and a reversal occur shortly. Traders should wait for a bullish correction to the resistance point for the opportunity to enter a short position on the pair. The points 145.00, 147.00, and 150.00 can be considered places to enter short positions.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00, 155.00
AUD/USD
AUD/USD fell sharply, forming a lower swing low point but immediately experienced a strong recovery. The pair is now trading near its opening point and also the 0.6500 point. There is a possibility that the pair will close near 0.6500 and continue with increases. If the pair moves up from the current point, the daily SMA 200 will be the target for traders to pay attention to.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000