USDX (USD Index)
The release of US employment data last week changed the movement map of the U.S. dollar index. Stronger than expected employment number, causing the market to have doubts about interest rates easing at the Fed’s March meeting. For now, the U.S. dollar index has penetrated the daily SMA 200 and also formed a higher high. The bullish situation may continue for now and traders will observe further index reactions.
EUR/USD
EUR/USD fell below the daily SMA 200 and also the 1.0800 point. This bearish situation may continue for the medium term with point 1.0650 as the downside target. However, currently, no lower swing low point has been formed so the situation can still change. Traders will wait for further developments. If the pair turns out to be above the daily SMA 200 again then the situation may turn bullish again.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0500
Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD finally got out of the 1.2625 – 1.2800 area. The pair will try to continue weakening towards the daily SMA 200 point. Traders will now wait near the daily SMA 200 point for a bullish reaction and an opportunity to enter a long position. The pair needs a strong bullish bounce and also a rise above 1.2800 to confirm the continuation of the bullish move.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY generally managed to bounce from the 145.00 – 147.00 area and will now try to continue its increase towards 150.00. Still the same as before, as long as the pair does not form a higher swing high point then there is still a chance for a bearish reversal and continuation of the bearish movement below the daily SMA 200.
Today’s critical levels to watch:
Support: 145.00, 142.00, 141.00
Resistance: 147.00, 150.00
AUD/USD
AUD/USD pushed down and finally reached 0.6500. As written previously, traders will now wait for the reaction of the pair near the 0.6500 point. If the pair manages to bounce up strongly and close above the daily SMA 200 then the situation may turn bullish again.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000