USDX (USD Index)
Bullish pressure is still visible on the U.S. dollar index near the daily SMA 200 and 103.50. It is possible that the index will continue its limited upward movement and traders will now wait for further reactions. If the index can reverse direction and close below the daily SMA 200 then the bearish movement can continue. The bullish sentiment may continue at the moment as global markets are focusing on the situation in China as well as the Fed’s interest rate decision next month.
EUR/USD
EUR/USD is experiencing bearish pressure again and is likely to move down towards 1.0800. The pair is currently in the range of 1.0800 – 1.0900 and also above the daily SMA 200. When the pair reaches the 1.0800 points and the daily SMA 200, traders will wait for a strong bullish reaction for the opportunity to enter a long position in the pair. Closing above 1.0900 can be a confirmation of a bullish reversal.
Today’s critical levels to watch:
Support: 1.0800
Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD moved up and touched the 1.2800 resistance point. The pair experienced a bearish rejection so the range of 1.2625 – 1.2800 can be maintained for now. Consolidation is likely to continue between these ranges and traders will again be waiting for a close outside the range to confirm the next movement direction. Trendwise, if the pair can continue towards the daily SMA 200 then it is an opportunity for traders to enter long positions.
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 currently in the range of 145.00 – 147.00 and is on a bullish trend. Consolidation will take place within this range and traders will again wait for a close outside the range. If the pair closes below 145.00 then a bearish correction can occur with 141.00 as a downside target. As long as the pair continues to form higher swing highs and higher swing lows, traders should avoid short positions.
Today’s critical levels to watch:
Support: 145.00, 141.00, 140.00, 139.30, 137.70, 133.00
Resistance: 147.00
AUD/USD
AUD/USD is trying to move up at the moment to make a bullish correction. If the pair can continue its upward movement then the point 0.6500 will be a resistance point to watch. A close above 0.6500 is needed to confirm a bullish reversal. As long as the pair is still below that point, the situation will still be bearish.
Today’s critical levels to watch:
Support:
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000