USDX (USD Index)
The U.S. dollar index was pushed down with a significant bearish momentum. This bearish move occurred due to lower-than-expected CPI inflation data. It seems that this data can be confirmation that the Fed will not be able to continue raising interest rates after the next hike in September. The market situation might turn bullish and if the dollar index continues to rise, it is an opportunity for traders to enter short positions at higher levels.
EUR/USD
EUR/USD climbed sharply above the 1.1000 mark and is expected to continue its bullish trend. Currently, price movements still have high volatility. Traders will be waiting for the daily close to confirm further bullish movement. There is a possibility of a decline towards the daily SMA 200 and traders will take advantage of the situation to add to long positions.
Today’s critical levels to watch:
Support: 1.1000
Resistance: 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is moving up to the 1.2800 resistance point and will try to close above it. As long as there is no closure outside the 1.2625 – 1.2800 area, the sideway condition will continue. Traders will now continue to watch price movements between 1.2625 – 1.2800 and continue to add long positions when the pair reaches the bottom of that range.
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 continued its strengthening towards 145.00. It seems that there are no obstacles and the pair might immediately test the resistance point. When there is a strong bearish reaction, traders can use the opportunity to enter short positions. However, if the pair is able to move up and form a higher swing high point then the bullish trend can continue.
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 trying to reverse the direction of movement of the trend after successfully reaching 0.6500. If the pair can continue strengthening then the 0.6700 level is a resistance point that traders will focus their attention on. If the pair reverses lower and forms a lower swing low below 0.6500 then the bearish trend can continue.
Today’s critical levels to watch:
Support: 0.6500
Resistance: 0.6700, 0.6750, 0.6820, 0.7000