USDX (USD Index)
The movement of the U.S. dollar index is still sideway near the daily SMA 200 point. There has not been much change at the moment so the sideway situation will persist. The next release of inflation data or the Fed’s announcement regarding interest rates will move the index. Meanwhile, in terms of gold prices, there has been a spike so the current situation is quite abnormal. Because the price of gold has moved up first, there is a possibility that the U.S. dollar index will start to move too (Bearish).
EUR/USD
EUR/USD is above the daily SMA 200 and is trying to extend its gains towards 1.0900. In the long term, the pair is expected to continue its bullish trend. A rise and close above 1.0900 could be the key to confirming the bullish trend continuation. Meanwhile, consolidation may also take place between the daily SMA 200 and 1.0900 for now. Traders will continue to use the daily SMA 200 and 1.0800 points as places to enter long positions.
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 is in the range of 1.2625 – 1.2800 and looks like it is trying to add to its gains. Traders can continue to use the level between the bottom of the range up to the daily SMA 200 for opportunities to enter long positions. When there is a close above 1.2800, the pair’s trend will continue to be bullish. However, if there is a decline below the daily SMA 200 point with strong bearish momentum and a lower swing low point is formed then the trend can turn bearish.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY hasn’t moved much from 150.00. The pair can still hold above that point, which means consolidation will still take place. If the increase can continue and the pair forms a higher swing high point then the bullish trend can continue. Conversely, when the pair moves down and closes below the daily SMA 200 point, the bearish situation can continue.
Today’s critical levels to watch:
Support: 147.00, 145.00, 142.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD experienced selling pressure below 0.6500 and is now at risk of continuing the bearish movement. If the pair continues to weaken and forms a lower swing low point then the bearish trend will continue with the 0.6300 point as the decline target. Conversely, if the pair can move back above the daily SMA 200 point then the situation can turn bullish.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000