USDX (USD Index)
U.S dollar index continues moving upward today and print a higher high. If the index continues moving upward then it will aim at 103.50 and also the 200 SMA. Even though the current movement is bullish, in the long term the index is expected to continue its bearish movement towards 100.00. For now, traders will wait for the index to reach a resistance point and produce a bearish reaction for opportunities to enter short positions
EUR/USD
EUR/USD continued its slide below 1.0900 and soon will reach 1.0800. If there is no strong bounce reaction from that point then the pair will continue weakening towards 1.0650. Traders will use the chance to enter long positions when a bullish reaction occurs. In the long term, the pair is expected to continue the bullish trend to form a higher swing high point.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0339
Resistance: 1.0900, 1.1000
GBP/USD
GBP/USD is in a bearish correction phase with the 1.2000 – 1.2200 area and the 200 SMA as downside targets. Traders will now wait for the pair to reach these support points for opportunities to enter long positions. As long as the pair does not form a lower swing low point, there are still opportunities for further increases in the long term
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000, 1.1450
Resistance: 1.2625, 1.2800
USD/JPY
USD/JPY moved up and reach the daily SMA 200 again. The pair will continue to test the resistance level for now. If the pair can continue its advance and form a higher swing high then the bullish movement could continue for the medium term. Conversely, if a bearish bounce occurs then the pair will move down to target the green box area.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD bounced off the 0.6700 mark yesterday and is poised for further declines. If the pair form a lower swing low, then the bearish movement of the pair is likely to aim at 0.6500. To reverse the current situation, the pair needs to close above the 200 SMA and also form a higher swing high.
Today’s critical levels to watch:
Support: 0.6500, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000