USDX (USD Index)
After being pushed down to near the daily SMA 200 point, the U.S. dollar index doesn’t seem to have made much movement today. Consolidation is likely to take place not far from the daily SMA 200 point for now. Next month, the Fed will probably not reduce interest rates so the sideway situation may continue. The current market estimate is for a cut to occur in June.
EUR/USD
EUR/USD has reached the daily SMA 200 point and will continue to test it now. When there is a close above this point, it will open up a bullish opportunity for the pair. For the time being, traders will observe the reaction of the pair near the daily SMA 200 and 1.0800 points. If the pair continues its downward movement then the point 1.0650 will be the target for decline.
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 broke through 1.2625 yesterday and returned to the 1.2625 – 1.2800 area. However, the pair failed to close above 1.2625 so there is no confirmation of the continuation of the bullish movement. Currently, the pair’s movement range is between the daily SMA 200 and 1.2625. Traders will continue to observe the reaction of the pair between daily SMA 200 and 1.2800.
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 technically still holding near 150.00 and is now trying to continue the upward movement. Traders will wait for further confirmation of the next movement of the pair. When the pair can continue its upward movement and form a higher swing high point, the bullish trend will continue. Meanwhile, if the pair reverses downwards and forms a close below the daily SMA 200 then the situation will become bearish.
Today’s critical levels to watch:
Support: 147.00, 145.00, 142.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD has not made a close above the daily SMA 200 point so the bullish situation has not been confirmed. The pair needs a close above the daily SMA 200 point and also the formation of a higher swing high point to confirm the continuation of the bullish movement. If a bearish reversal occurs then the 0.6500 point will again become a support point that traders need to pay attention to.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000