USDX (USD Index)
The U.S. dollar index appears to be experiencing selling pressure but remains within yesterday’s movement range. The bearish correction is likely to continue, but the index could immediately reverse direction and continue rising. For the time being, traders will still be waiting for a bearish correction to reach 105.00 for opportunities to enter long positions on the U.S. dollar. Further declines will open up opportunities for movement towards the daily SMA 200 point.
EUR/USD
EUR/USD moves up and continues its bullish correction towards the daily SMA 200 point. The pair will try to test this resistance point and traders will wait for further reactions. If a bearish reaction occurs near the daily SMA 200 and 1.0800 then traders can enter short positions. A decline below 1.0650 and the formation of a lower swing low will confirm the continuation of the bearish trend.
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 its increase towards the daily SMA 200 point. The pair has the opportunity to test this point and traders will wait for further reactions. When a strong bearish reaction occurs, traders can consider entering a short position. However, if there is a strong close above the daily SMA 200 point then there is a possibility that the trend direction can change to 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 continues to move up and forms a higher high. There are no changes compared to previous days and traders can only wait for now if they do not have long positions. A bearish correction may occur shortly but as long as the pair continues to form higher swing high and swing low points, traders should wait for the opportunity to enter a long position.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD rose and tested the daily SMA 200 point today where another bearish rejection occurred. The pair is now moving near the 0.6500 point and will wait for further developments. If the pair can rise and close above the daily SMA 200 point then the situation of the pair can become more bullish. However, if there is a bearish rejection and a decline below yesterday’s low point, there is a chance that the bearish trend will continue immediately.
Today’s critical levels to watch:
Support: 0.6350, 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000