USDX (USD Index)
The U.S. dollar index is still in a bearish trend with a downward channel visible on the daily chart. Currently, the index has broken out from the top of the channel but not with strong confirmation. The index may continue its upward movement towards the daily SMA 200 where traders will wait for short position opportunities. There is also a possibility that the bearish movement will continue immediately and the index will enter a bearish channel with strong momentum.
EUR/USD
EUR/USD is still maintained in the range of 1.0900 – 1.1000 after last week’s volatile movements. Market players have speculated that the Fed will start cutting interest rates this year. In terms of trend, EUR/USD is in a bullish trend and is currently forming a higher swing low point. Traders can use the current point up to the daily SMA 200 as a place to enter long positions.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0500
Resistance: 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is in the range of 1.2625 – 1.2800 where the pair is waiting for further bullish momentum to continue its bullish trend. However, if the bearish correction continues on the pair then a decline could occur up to the daily SMA 200. Traders will wait for a bearish correction to support points and a bullish reaction for the opportunity to add to long positions.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY added bullish pressure and tested 145.00 again. Currently, the pair will still try to continue its bullish correction and traders can wait for a reaction at the resistance point for short position opportunities. When the pair falls and closes below the daily SMA 200 and forms a lower swing low point, the bearish trend can continue again.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00
AUD/USD
AUD/USD fell and closed below 0.6700. Even though it looks bearish, this movement does not have strong bearish momentum so there is still a chance that the pair will continue its consolidation between 0.6700 – 0.6750. If the pair turns out to continue its weakening then the daily SMA 200 point could be a place where traders consider adding long positions.
Today’s critical levels to watch:
Support: 0.6700, 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6750, 0.6820, 0.7000