USDX (USD Index)
The U.S. dollar index looks to be moving flat and bearish after closing bullish last week. In general, the index seems to be consolidating for the time being. The trend direction is still bullish so traders should remain careful if they take a bearish position on the U.S. dollar. As long as there is no confirmation of a lower swing low point formation, the index will continue its bullish trend.
EUR/USD
EUR/USD almost touched 1.0650 on the recent weakness. But the pair seems to be recovering and starting to move up. Currently, the pair can rise to test the daily SMA 200 and 1.0800 points. If the pair experiences a bearish reaction, traders can consider entering a short position. However, if there is a close above these two points then there is a chance that the trend direction can change to bullish again.
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 moved down but did not reach 1.2625. The pair is now in the 1.2625 – 1.2800 area and will continue its consolidation. There is no strong confirmation yet for the direction of the next trend with the bull and bear positions in balance (the high point is decreasing and the low point is increasing). Traders can carry out range trading while waiting for movement out of the range.
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 slowly strengthening and will try to form a higher swing high point. The pair’s current movement is still bullish even though a higher swing high point has not yet been formed. If it turns out that the pair reverses down and forms a lower swing low point, the direction of the trend will change to bearish.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD reversed upwards and did not continue its weakening towards the daily SMA 200 point. The pair will now try to make a bullish movement again to test the 0.6700 point. Still the same as before, the pair will move within the range that has been formed over the past few weeks. As long as there is no close above 0.6700 or below the daily SMA 200, the sideway situation will persist.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000