USDX (USD Index)
After exiting the bearish channel range, the U.S. dollar index finally showed an upward movement with strong momentum today. The index reached a point near the daily SMA 200 so it can be said that the bullish correction target has been achieved. Currently, traders will wait for a bearish reaction near the daily SMA 200 for short position opportunities. If the index is still moving above the averages and then forms a higher swing high point, the bullish movement will continue for a while.
EUR/USD
EUR/USD fell with quite a strong bearish momentum and almost reached the daily SMA 200 point. The current bearish correction is an opportunity for traders to enter long positions when a bullish reaction occurs. The trend is still bullish and just waiting for further increases to occur. However, if the pair turns out to fall below the daily SMA 200 and then forms a lower swing low point then the situation can turn more bearish.
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 pushed down to 1.2625 but there was no break below that point. Consolidation is still ongoing between 1.2625 – 1.2800 and traders will use the decline that occurs as an opportunity to enter long positions. If it turns out that the pair is still moving down then the daily SMA 200 point can be the next support point that traders pay attention to.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY continues its rise and currently reaches 147.00. The pair’s bearish trend does not appear to be continuing for now and traders will still be waiting for further confirmation. As long as no higher swing high point is formed, the pair’s trend will still tend to be bearish for now.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00
AUD/USD
AUD/USD continued its weakness and reached the daily SMA 200 today. The pair is falling with quite a strong bearish momentum and is expected to consolidate near the daily SMA 200 while waiting for developments. As written previously, long positions can be considered near the daily SMA 200 point when a bullish reaction occurs.
Today’s critical levels to watch:
Support: 0.6700, 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6750, 0.6820, 0.7000