USDX (USD Index)
The increase in the dollar index above the daily SMA 200 point does not seem to have succeeded in creating a convincing bullish close above it. The movement of the index looks bearish today but is still maintained within yesterday’s movement range. Will the index continue its bearish movement from the current point? Or will consolidation still take place near the daily SMA 200?
EUR/USD
EUR/USD gave a bounce reaction in today’s trading near the daily SMA 200 point and is an initial confirmation of the continuation of the bullish movement. However, the pair has not been able to exceed yesterday’s high point. It takes an upward move with good bullish momentum to confirm the continuation of the bullish trend.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0500
Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is now trading in the range of 1.2625 – 1.2800 and is continuing to consolidate within it. The movement of the pair seems to be sideway and traders will continue to take advantage of the decline that occurs in the pair as an opportunity for a long position. If the decline continues towards the daily SMA 200 point then that is an opportunity for traders.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY managed to bounce from 147.00 yesterday but the pair experienced bearish pressure again in today’s trading. There is a chance that this weakness can continue and break below 147.00 to confirm the continuation of the bearish movement. A short position is still recommended in this pair because of the possibility of a weakening in the dollar index. As long as the pair does not form a higher swing high point, a short position is recommended.
Today’s critical levels to watch:
Support: 145.00, 142.00, 141.00
Resistance: 147.00, 150.00
AUD/USD
AUD/USD is consolidating near the daily SMA 200 point as analyzed previously. There has been no movement with strong momentum to confirm the direction of the pair’s next movement. Traders can continue accumulating near the current point and also 0.6500 while assuming that the Fed rate cut will occur in March.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000