USDX (USD Index)
U.S dollar index continues to maintain its position near the daily SMA 200. Not much movement yet for now as traders are waiting for the U.S. election and FOMC meeting this week. Will the index turn lower and close below the daily SMA 200 to start a new bearish leg? Alternatively, will it bounce from the daily SMA 200 and resume the bullish trend to target the trendline?
EUR/USD
EUR/USD hanging near the daily SMA 200 and 1.0900 level. The pair might continue to stick near both levels for now while waiting for reactions. A close above both levels might open the path upward to target 1.1000. Meanwhile, bearish rejection and major bearish close below the daily SMA 200 might trigger a bearish continuation to retest 1.0800.
Today’s critical levels to watch:
Support: 1.0800, 1.0650
Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD bounced from the daily SMA 200 and turned higher. However, the pair stuck between the daily SMA 200 and 1.3000 level. The next direction of the pair will depend on the breakout direction from the area. Traders will use the area to accumulate long positions assuming that the Fed will continue the rate cut this week. However, a close below the daily SMA 200 and a new lower swing low will confirm that the trend has turned bearish.
Today’s critical levels to watch:
Support: 1.2800
Resistance: 1.3000, 1.3050, 1.3250, 1.3300, 1.3450
USD/JPY
USD/JPY consolidating near the 151.80 and daily SMA 200. The pair might continue trading sideways and traders will continue to observe the reactions for now. If the pair could bounce upward with strong bullish momentum then the bullish trend could continue. On the other hand, a bearish close below the daily SMA 200 with strong momentum might confirm a bearish continuation in the pair.
Today’s critical levels to watch:
Support: 151.80, 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD trading upward and is set to retest the daily SMA 200. The pair trend is bearish for now but a close above the daily SMA 200 at the end of the week could turn the trend bullish again. Traders might want to wait until the weekly close to get better confirmation. On the lower side, a close below 0.6500 might become the major bearish confirmation to watch.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000