USDX (USD Index)

The U.S. dollar index appears to have limited strength but is still below the daily SMA 200 point. As previously written, a bullish correction is likely to occur towards the daily SMA 200 where traders will be prepared to add short positions. When a bearish reaction occurs near the daily SMA 200, it is confirmation for traders to enter short positions.

EUR/USD

EUR/USD bounced off 1.0900 and looks to be trying to move up again. The bullish movement will again test the 1.1000 point and it might close above the level. Traders will now wait for a close outside the 1.0900 – 1.1000 area to confirm the direction of the pair’s next movement.

Today’s critical levels to watch:

Support: 1.0900, 1.0800, 1.0650, 1.0500

Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD is currently in the range of 1.2625 – 1.2800 and the pair looks like trying to move up. The trend is still bullish so traders who have entered long positions near 1.2625 will maintain their positions in the hope of a breakout above 1.2800. The upside target after 1.2800 is 1.3000.

Today’s critical levels to watch:

Support: 1.2625, 1.2200, 1.2100, 1.2000

Resistance: 1.2800, 1.3000

USD/JPY

USD/JPY bounced up strongly from the daily SMA 200 and has now reached 145.00. Testing will take place and an upward breakout is likely to happen. Traders can wait for a reaction near the resistance points first for now as the upside momentum is quite strong.

Today’s critical levels to watch:

Support: 142.00, 141.00

Resistance: 145.00, 147.00, 150.00

AUD/USD

AUD/USD is currently in the range of 0.6700 – 0.6750 and will continue to test the resistance area. A close above this area could be a confirmation of the continuation of the bullish movement. On the other hand, if the decline still occurs, the daily SMA 200 point will remain a strong support point where traders accumulate long positions.

Today’s critical levels to watch:

Support: 0.6500, 0.6350, 0.6170, 0.6000

Resistance: 0.6700, 0.6750, 0.6820, 0.7000