USDX (USD Index)

The movement of the U.S. dollar index is currently still bullish with the index being above the daily SMA 200 point. The position of the index has the opportunity to continue consolidating above the daily SMA 200 or move up to continue the bullish trend. However, the situation could also turn bearish again if the Fed confirms an interest rate cut this year. Traders will continue to watch the index for now and not become bullish until it is proven that a rate cut is delayed.

EUR/USD

EUR/USD was pushed below 1.0800 and has the opportunity to continue its weakening towards 1.0650. The pair has not yet formed a lower swing low point on the chart so there is still a chance for an upward reversal. When the pair manages to close above the daily SMA 200 point and also forms a higher swing high point, that’s when the trend will turn more bullish.

Today’s critical levels to watch:

Support: 1.0650, 1.0500

Resistance: 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD fell and bounced from a point near the daily SMA 200 last week as written in the previous analysis. A bounce occurred and the pair is now trading near 1.2625. A sideway situation is likely to persist near 1.2625 for now and traders will wait for further confirmation. In the long term, the trend is still bullish so traders are still advised to maintain a bullish strategy.

Today’s critical levels to watch:

Support: 1.2625, 1.2200, 1.2100, 1.2000

Resistance: 1.2800, 1.3000

USD/JPY

USD/JPY is moving up and almost reached the 150.00 point. The pair will test the point and wait for further reaction. If a strong bearish bounce occurs and a lower swing high is also formed then the bearish trend can continue. However, if the pair turns up higher and manages to form a higher swing high point then the bullish trend will continue.

Today’s critical levels to watch:

Support: 145.00, 142.00, 141.00

Resistance: 147.00, 150.00

AUD/USD

AUD/USD fell and tested the 0.6500 point last week. The pair is seen consolidating near 0.6500 now and traders will wait for further reaction. When the pair can bounce up strongly and return above the 200 SMA point, the situation of the pair can change to bullish again. We think further bearish breakout is less likely to happen which mean traders could continue accumulating long positions for now.

Today’s critical levels to watch:

Support: 0.6500, 0.6350, 0.6170, 0.6000

Resistance: 0.6700, 0.6750, 0.6820, 0.7000