USDX (USD Index)
In general, the U.S. dollar index is trading near the daily SMA 200 this week and there is not much movement happening. The consolidation of the U.S. dollar index near the daily SMA 200 is likely to continue until the Fed meeting this March. Traders will continue to wait for the reaction from the index for the time being. Because the Fed is likely to postpone cutting interest rates, the index will probably only move flat.
EUR/USD
EUR/USD is still hovering near the 1.0800 point and the daily SMA 200. The pair continues its consolidation in line with the sideway movement in the U.S. dollar index. In the long term, the trend of the pair is still bullish so traders are advised to continue accumulating long positions. However, if the pair continues to move down and a lower swing low point is formed then the situation may turn bearish.
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 remained above 1.2625 this week. The pair will try to bounce up and move towards 1.2800. Consolidation will take place between 1.2625 and 1.2800 with a bullish tendency. However, if the decline still occurs then the point between daily SMA 200 and 1.2625 could be a place where traders accumulate long positions.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY continues to hold near 150.00 after yesterday’s failed bearish attempt. There has been no further confirmation of the movement of the next pair. Consolidation will continue near 150.00 for now and traders can only wait for further confirmation. If the decline continues then a close below the daily SMA 200 point is needed to confirm a change in trend direction. Further rise to form a higher swing high point will confirm the continuation of the bullish trend.
Today’s critical levels to watch:
Support: 147.00, 145.00, 142.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD bounced up from 0.6500 today and will move up again to test the daily SMA 200 point. If the close occurs above the daily SMA 200 point then there is an opportunity for a continuation of the bullish movement. However, if the pair still moves down below 0.6500 and forms a lower swing low point then the bearish trend will continue.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000