USDX (USD Index)
The bearish correction of the U.S. dollar index has stopped and the dollar index is seen moving sideways for now. Globally, strengthening continues to occur in the US dollar in line with rising treasury yields. There has been no confirmation that the bearish movement in the dollar index will continue so traders should not enter short positions.
EUR/USD
EUR/USD is inside the 1.0500 – 1.0650 area and will now continue its consolidation. Traders will wait for a close outside this range to confirm the direction of the next movement of EUR/USD. In general, a higher low point has now been formed which will become a bullish foundation when the pair manages to rise and form a higher swing high 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 entered the 1.2000 – 1.2200 area and managed to show a bounce reaction at 1.2100. The pair will now continue to trade in the range 1.2000 – 1.2200. If the pair can rise and close above 1.2200 then there is a chance of an increase towards the daily SMA 200 point.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY continues to stick near the 150.00 mark and there is no strong reaction yet. The range of movement of the pair also looks narrower, allowing for movements with great momentum after the consolidation ends. Traders will now wait for further reaction. If the pair turns lower then a bearish correction can occur with point 145.00 as the decline target.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD bounced down at the horizontal line resistance point and is now set to test the previously formed swing low point. If the pair manages to form a lower swing low point then the bearish trend can continue. Conversely, if the pair can bounce up and continue strengthening above 0.6500 then the trend situation can change to bullish again.
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000