USDX (USD Index)
The U.S. dollar index is weakening ahead of the weekly close. The Fed’s speech and weaker-than-expected economic data triggered this decline. Market players seem increasingly optimistic that the Fed will not be able to maintain its high interest rate policy soon. As before, a bearish trend may begin if the index falls below the daily SMA 200.
EUR/USD
EUR/USD managed to close above the daily SMA 200 and 1.0800 which is bullish confirmation. The pair has a chance to continue its bullish trend and not fall below the daily SMA 200 again in the medium term. For now, the pair will try to move up and form a higher swing high to confirm the continuation of the long-term bullish trend.
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 continues its strengthening towards 1.2800. The pair is still trapped in the range 1.2625 – 1.2800 so there is no strong confirmation for the direction of the next movement. Traders will use the range 1.2625 – 1.2800 as a place to carry out range trading. Considering that interest rate cuts will occur at the end of this year and also that US inflation figures are already below interest rates, it is realistic to assume that the bullish trend in the pair will continue.
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 at a high point and formed a bearish close yesterday. Even though it is bearish, the closing is still within the previous day’s movement range. The pair is still in a bullish trend and the decline that occurs is an opportunity for traders to enter long positions. The point around 158.00 – 160.00 will be the area where a bullish bounce has a high chance of occurring.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD continued its strengthening above 0.6700 and immediately headed towards 0.6750. The current state of the pair is bullish and has risen above the high point formed over the past few weeks. If there is a decline then the 0.6700 point is the support point where a bullish bounce has the opportunity to occur. For now, traders will maintain the bullish scenario and avoid short positions as long as the pair is above 0.6700.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000