USDX (USD Index)

The U.S. dollar index closed bearish yesterday and there was a further decline in today’s trading. However, the index appears to have managed to erase the decline and is now trading above the opening point. Will the index continue its bullish movement and form a higher swing high point? Or will the index start to move down and carry out a bearish correction to 105.00 and daily SMA 200?

EUR/USD

EUR/USD experienced an increase and closed bullish yesterday. Today the pair tried to move up but experienced selling pressure and has returned below the opening point. If the pair continues to strengthen then the 1.0800 point and daily SMA 200 will be targets for increases. The trend is still bearish and a close above the daily SMA 200 and the formation of a higher swing high are needed to confirm a bullish reversal.

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 made a bullish close yesterday and has the opportunity to continue its rise towards the daily SMA 200 point. The pair is currently in a bearish trend so an increase to the resistance point will be an opportunity to enter a short position. If there is a close above the daily SMA 200 and a higher swing high point is formed then the new situation could turn bullish.

Today’s critical levels to watch:

Support: 1.2200, 1.2100, 1.2000

Resistance: 1.2625, 1.2800, 1.3000

USD/JPY

USD/JPY is still moving up and it slowly forming a higher swing high point. The pair has not shown bearish indications and there is also no news regarding intervention by the BOJ. As long as the pair continues to move up, traders should avoid entering short positions. When a bearish correction occurs to the support point, it is an opportunity for traders to enter a long position. However, if there is a change in BOJ policy, traders should be very careful 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 slid up and managed to reach the daily SMA 200 today. After reaching this point, it seems that the pair experienced a bearish rejection and the price is now near the opening point. If AUD/USD closes near the current point, a bearish pin bar pattern will be formed which could be an indication of the continuation of the bearish movement.

Today’s critical levels to watch:

Support: 0.6350, 0.6170, 0.6000

Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000