USDX (USD Index)
After a fairly sharp increase in the U.S. dollar index on Tuesday, there was no continuation of the bullish movement yesterday. The U.S. dollar index still has the opportunity to move up but traders will be prepared for a possible reversal when the Fed announces a cut in interest rates. For now, traders should wait for a bearish correction to the support point for further reaction. As long as the index is still above the daily SMA 200, the situation is still bullish.
EUR/USD
EUR/USD experienced a decline in yesterday’s trading but the bearish movement turned bullish. At the end of the day, the pair closes above the opening point. As written previously, there is a chance of further decline towards 1.0650. However, if the pair can move up and close above the daily SMA 200 then the situation can turn bullish again.
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 towards the daily SMA 200 again after being rejected from 1.2625. The pair can still stay above the daily SMA 200 point so there is still a chance for a bounce and continuation of the increase. For now, traders will continue to use the level between the averages and 1.2625 as a place to enter long positions. If the pair turns down and forms a lower swing low point then the situation can turn more bearish.
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 now above 150.00 and will try to continue its strengthening. If the pair can continue its increase and form a higher swing high point then the bullish trend will continue. Meanwhile, if a reversal occurs and the pair falls sharply and forms a lower swing low point then the trend will return to bearish. A close below the daily SMA 200 point is the key to a change in direction to bearish.
Today’s critical levels to watch:
Support: 145.00, 142.00, 141.00
Resistance: 147.00, 150.00
AUD/USD
AUD/USD made a recovery movement to 0.6500 and is likely to continue trading near that point. The pair needs a rise above the daily SMA 200 point to reverse the current bearish situation. On the other hand, a close below 0.6300 could be a confirmation that the long-term bearish trend is still in progress.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000