USDX (USD Index)
The U.S. dollar index is starting to lose bullish momentum and looks to trade lower. Even so, there is still little room for the index to rise toward the daily SMA 200 and 103.50. If the index can reach the resistance point and give a bearish reaction, traders can enter short positions in the U.S. dollar. Today’s employment data showed a lower number than expected so there is a possibility that the Fed will be cautious in the next rate hike.
EUR/USD
EUR/USD is seen moving up to target the 1.0900 level. For now, the pair is likely to consolidate between 1.0800 – 1.0900 and traders will continue to accumulate long positions. If the pair can move up from the current point it will form a higher swing low point and confirm the continuation of the bullish trend.
Today’s critical levels to watch:
Support: 1.1000
Resistance: 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD fell and reached 1.2625 today. The decline lasted only a moment and the pair managed to rise back to the opening point. Consolidation will continue between 1.2625 – 1.2800 for now with a bullish bias. Traders can continue to accumulate long positions and assume that the bullish trend will continue.
Today’s critical levels to watch:
Support: 1.2625, 1.2200
Resistance: 1.2800, 1.3000, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY is on a bullish track but there has been a bearish close and now the pair is moving lower. If the pair starts moving down sharply then it will form a lower swing high point. When the pair forms a lower swing low point it will confirm the continuation of the bearish trend.
Today’s critical levels to watch:
Support: 141.00, 140.00, 139.30, 137.70, 133.00
Resistance: 145.00, 147.00
AUD/USD
AUD/USD is starting to show a reversal and the pair now looks bullish. There was no further decline towards 0.6500 so a lower swing low did not form. If the pair can continue to move up and then form a higher swing high point then the direction of movement of the trend can change to bullish.
Today’s critical levels to watch:
Support: 0.6500
Resistance: 0.6700, 0.6750, 0.6820, 0.7000