USDX (USD Index)
The U.S. dollar index continued to weaken in today’s trading and practically erased all the gains that occurred last Friday. However, the trend of the index is still bullish and there could be a bullish movement that immediately exceeds Friday’s high point. Traders will wait for further reaction from the index for now. If the decline continues then the daily SMA 200 point could be a target for decline.
EUR/USD
EUR/USD is moving up slowly and will head towards the daily SMA 200 and also 1.0800. The pair has the opportunity to test these two points and traders will wait for further reaction. If a bearish reaction occurs without a higher swing high point being formed then the bearish trend will continue. At the bottom, point 1.0650 is the target for bearish movement.
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 did not reach 1.2625 and was seen making an upward movement for the past few days. The pair is still in the 1.2625 – 1.2800 area so there is not much significant change in the pair situation. The movement of the pair is likely to remain flat for now and traders will observe the reaction in the range 1.2625 – 1.2800. As long as there is no close outside the 1.2625 – 1.2800 area, the pair’s movement will still be flat within the area.
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 still trying to continue its strengthening but has not succeeded in forming a higher swing high point. There has been no change in the pair’s bullish situation, but the longer it takes for the pair to form a higher swing high point, the greater the risk of a bearish reversal. Traders will only observe the development of the pair for now. The formation of a higher swing high point or a lower swing low point will be a confirmation of the direction of the next movement.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD continues strengthening and has the opportunity to reach 0.6700. The pair will test this point again and the trader will wait for the reaction from the pair. If the pair can make a strong close above 0.6700 then the bullish trend can continue. However, if the pair reverses direction again, the daily SMA 200 point will be the target for decline.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000