USDX (USD Index)
The movement of the U.S. dollar index is bullish again after the increase that occurred yesterday. Market concerns regarding the still high inflation figures caused this increase. If the index continues to move up until the close of this week then the bullish situation can still continue in next week’s trading.
EUR/USD
EUR/USD experienced a bearish rejection from a point near 1.0650 and will now fall to test 1.0500. If the pair continues to weaken and forms a lower swing low point then the bearish trend will continue. Conversely, if the pair can move up and close above 1.0650 then the situation can turn bullish.
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 fell with quite a strong bearish momentum and closed within the 1.2000 – 1.2200 area. It seems that the bullish scenario will be delayed now and the pair will consolidate between 1.2000 – 1.2200. If the pair can rise and close above 1.2200 at the end of this week then the situation may turn bullish and the pair may move towards daily SMA 200.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY rose and closed near 150.00. The pair will continue to test the resistance point and continue its strengthening. For now, traders will continue to wait and traders who have long positions can hold them. If the pair starts to move down then the 145.00 point can be a place to enter a long position.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD fell again and closed with strong bearish momentum. The pair has the opportunity to move down and form a lower swing low point. If the pair manages to go down and forms a lower swing low point then the bearish trend can continue. Conversely, if the pair manages to rise and close above 0.6500 then the situation may turn bullish.
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000