USDX (USD Index)
A bounce occurred in the dollar index at the daily SMA 200 point. The current increase may continue but everything will be determined by the results of the release of US inflation data Tomorrow. If inflation figures continue to rise, the bullish reaction may continue for the short term. In the long term, the trend is still bearish so traders will assume that the daily SMA 200 point will be broken to the downside again. For now, traders will still observe the reaction of the index near the daily SMA 200 point.
EUR/USD
EUR/USD came under selling pressure and fell back below the daily SMA 200 level. The pair is holding near the 1.0800 level for now. There is a possibility that this point will be broken down before the announcement of inflation data. However, traders will wait for the reaction afterward. If the pair manages to stay above the 1.0800 point and closes again above the daily SMA 200 then the situation can become 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 is now under bearish pressure and tested the 1.2625. The pair is in the 1.2625 – 1.2800 area and is expected to continue its consolidation within this area. If the decline continues, then the daily SMA 200 point will be a downward target that needs to be paid attention to. Traders will continue to accumulate long positions between the daily SMA 200 and 1.2625 as long as no lower swing low is formed.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY hasn’t moved much from a spot near 150.00. The pair is building bullish pressure at the moment but no higher swing high has formed. Consolidation will continue and traders will continue to wait for further developments in the pair. If the pair manages to form a higher swing high point then traders can rule out the bearish scenario for the medium term. However, if the pair moves down sharply and closes below the daily SMA 200 then the bearish trend will continue immediately.
Today’s critical levels to watch:
Support: 147.00, 145.00, 142.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD bounced down from the daily SMA 200 point and it is near the 0.6500 point. Testing of 0.6500 is underway and traders will wait for a reaction. If the pair manages to bounce up and also makes a close above the daily SMA 200 then the situation can continue to be bullish again. Meanwhile, a decline below 0.6500 and the formation of a lower swing low will confirm the continuation of the bearish trend.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000