USDX (USD Index)
The U.S. dollar index is still on a strengthening path with the bullish closing that occurred yesterday. There is no strong indication that the index will turn bearish and currently, the index has risen above yesterday’s high point. It’s only a matter of time for the index to surpass last week’s high. As long as the index continues to form higher highs and lower lows, traders should avoid short positions in the U.S. dollar.
EUR/USD
EUR/USD moved down in today’s trading and tried to target 1.0650. Traders will observe the pair’s reaction at that point for now. If the pair manages to break this point downwards and form a lower swing low point then the bearish movement will continue for the time being. However, if the pair manages to bounce up then the 1.0800 point and daily SMA 200 are the upward targets that need to be broken to change the direction of the 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 immediately reached 1.2625 to test it. The pair’s movement range is still between 1.2625 – 1.2800 and there has been no closure outside this area. Consolidation is still ongoing and traders will wait for a close outside the area for the confirmation of the next trend. As long as there is no closure outside the area, traders can use the 1.2625 – 1.2800 area as a place to carry out range trading.
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 continuing its increase with a bullish close yesterday. However, no higher swing high point has yet been formed so there is no confirmation for the continuation of the bullish trend. When the pair succeeds in forming a higher swing high point, that is when the continuation of the bullish trend is confirmed. For now, if the pair moves sharply down and then forms a lower swing low point then the trend direction can 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 made a bearish close yesterday but not a significant-close. The pair still has the opportunity to continue its increase towards 0.6700. However, if there is a sharp decline, the pair can move toward the 0.6500 point and daily SMA 200. These two points are still support points that traders can pay attention to for bullish reactions and opportunities for long positions.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000