USDX (USD Index)
The U.S. dollar index is now in a bullish trend after passing the high point of 105.00. If a bearish correction occurs then the 105.00 point will act as a support point where a bounce is likely to occur. For now, as long as the index continues to form higher swing high and swing low points, the trend will continue be bullish.
EUR/USD
EUR/USD fell to 1.0650 and now looks to be consolidating near this support point. The next movement of the pair will wait for further developments. Because the trend has turned bearish, if there is an increase to 1.0800 or daily SMA 200 then there is a chance of a bearish rejection and continuation of the decline. However, if the pair can rise and make a higher swing high point then the current bearish trend will likely end quickly.
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 weaken in today’s trading but the bearish pressure appears to be easing. The pair is now trying to move up again towards the daily SMA 200 point. If the pair can reach this point and close above it, then there is still a chance for a bullish reversal. However, if the pair experiences a strong bearish rejection then the bearish movement can continue to form a lower swing low point.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY continues strengthening and forms a higher high. The pair’s bullish trend is not over yet and higher highs will continue to form. Traders should wait for a bearish correction in the pair for opportunities for long positions near the support point. Without a new lower low on the chart, it is better to avoid short positions.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD fell further in today’s trading and formed a lower swing low point. The trend is becoming more bearish and there are no signs of stopping yet. For now, traders will wait for a bullish correction to the resistance point for short position opportunities. A close above the daily SMA 200 and a new higher swing high will cancel 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