USDX (USD Index)
A decline in the dollar index towards 100.00 is a very high probability. Even so, it seems that the downward movement will have to be delayed because the market turn cautious after the Fed stated that there would be another two rate hikes this year. The U.S. dollar index is slightly higher at the moment and traders will be waiting for the index to touch the resistance level for opportunities to enter short positions in the U.S. dollar.
EUR/USD
EUR/USD touched 1.1000 today and saw a bearish reaction. This bearish reaction is probably just a temporary reaction in which the bullish target has reached. The pair can carry out a bearish correction before continuing its advance further. The next bullish target for the pair is the formation of a new higher high and the 1.1120 – 1.1185 area. As long as the pair continue to form higher swing highs and higher swing lows, the trend will continue bullish.
Today’s critical levels to watch:
Support: 1.0650, 1.0339
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD tried to move above the 1.2800 level today but experienced a bearish rejection reaction. The pair might move lower towards 1.2625 to test it. Traders will continue to wait for opportunities to enter long positions considering the pair’s trend is bullish. At the top, the 1.3000 point is the next bullish target.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100
Resistance: 1.2800
USD/JPY
USD/JPY has continued its bullish run forming new higher swing highs. The increase that occurred today has strong bullish momentum. Traders will continue to apply the same strategy, waiting for a bearish correction to the support level for opportunities to enter long positions. On the upside, 145.00 and 147.00 are the targets to watch.
Today’s critical levels to watch:
Support: 140.00, 139.30, 137.70, 133.00
Resistance: 145.00, 147.00
AUD/USD
AUD/USD is continuing its bearish correction with the daily SMA 200 as a downside target. Traders will take advantage of the current situation for the opportunity to enter long positions near the daily SMA 200. The trend turned bullish when the pair managed to rise above the 200 SMA and form a higher swing high point.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000