USDX (USD Index)
The U.S. dollar index continued its bearish correction and entered its fifth day. This bearish movement will target the 105.00 point where there is a possibility of a bounce. Traders will assume that the dollar index trend is bullish and the current bearish movement is only temporary. However, if the index can fall more sharply and quickly close below the daily SMA 200 then the situation will be bearish in the long term.
EUR/USD
EUR/USD moved up towards 1.06500 where the pair is now in a bullish correction phase. If the pair can close above 1.0650 then there will be an opportunity for an increase towards the daily SMA 200. Meanwhile, if a bearish bounce occurs then the pair can fall back to test the 1.0500 point.
Today’s critical levels to watch:
Support: 1.0500
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD managed to bounce up from the 1.2000 – 1.2200 area. The pair is moving up and will try to target the daily SMA 200 point. The current upward movement occurs in connection with the Fed’s attitude which indicates that there may not be a need for another interest rate increase this year. Traders will now wait near the daily SMA 200 for further reaction.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY moved down after testing the 105.00 point and is now consolidating not far from that point. The situation of the pair is still bullish for the long term and a decline to 145.00 can be considered a normal bearish correction. Traders will wait near support points for long position opportunities.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD continues its bullish movement and will target 0.6500. If the pair can close above 0.6500 then the trend may turn bullish for the medium term. However, if a bearish bounce occurs again then there will be bearish attempts to form a lower swing low point.
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000