USDX (USD Index)
The bearish pressure on the U.S. dollar index receded before it could reach the 103.82 level. The index currently trading upward and will attempt to extend the bullish movement toward the daily SMA 200. Traders will wait for the index to reach the averages and form bearish reactions to enter short positions in the U.S. dollar. Meanwhile, a close below 103.82 will confirm a bearish continuation toward the 100.00 handle. At the current time, all market players are awaiting the Fed Jerome Powell speech which will influence the market direction.
EUR/USD
EUR/USD closed above the 1.0650 resistance level again. However, the bullish close has no upward continuation. The pair is currently under bearish pressure and might attempt to extend the bearish movement to target 1.0339 and daily SMA 200. No confirmation yet on the next direction, traders will observe the market movement after the Fed Jerome Powell speech.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000, 0.9500
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD managed to close inside the 1.2000 – 1.2200 area again. There is bearish pressure below the area today but no conclusion yet on the pair’s next direction. Traders will continue to monitor the closing level at the end of the day and how strong the momentum of the movement is. If the pair closes lower and print a new lower low then the bearish trend will continue. On the upside, a close above 1.2200 and the daily SMA 200 will confirm the next bullish leg.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY is trading lower from the daily SMA 200 but has no strong bearish momentum yet. The pair currently attempting to move upward and retest the averages. A close above the daily SMA 200 will confirm a bullish continuation. On the other hand, if the bearish movement could continue then the green box area will become the bearish target to watch.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD breakout lower with strong bearish momentum. The bearish breakout confirms the continuation of the bearish movement. Traders will wait for a bullish correction toward the resistance level to enter short positions. 0.6500 will become the bearish target to watch for the medium-long term.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000