USDX (USD Index)
U.S dollar index mostly sideways above the daily SMA 200. No confirmation yet that the bullish movement will continue toward the bearish trendline. However, as long as the index continues to stay above the daily SMA 200 there is no bearish confirmation too. Traders will continue waiting for the index to reach the trendline or close below the daily SMA 200 to confirm the next direction.
EUR/USD
EUR/USD consolidating near the 1.0800 level and below the daily SMA 200. The pair movement currently ranges between the 1.0800 and daily SMA 200. Traders will wait for a close outside of the range to confirm the next direction. A new lower swing low will turn the overall trend to bearish. On the upside, a close above daily SMA 200 and 1.0900 might confirm initial bullish reversal.
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 closed the day near the 1.3000 level where a test on the level will happen. Will the pair extend the bullish movement and continue the bullish trend? Alternatively, will it get rejected and continue the bearish movement toward the daily SMA 200? Nevertheless, traders will continue to use the area between daily SMA 200 and 1.3000 as a place to add long positions.
Today’s critical levels to watch:
Support: 1.2800
Resistance: 1.3000, 1.3050, 1.3250, 1.3300, 1.3450
USD/JPY
USD/JPY maintains its position above the 151.80 and daily SMA 200. The recent event in Japan brought weakness toward the Japanese Yen. We might see further upside in the pair and it is better to stay sidelined for now. If the pair could return below the daily SMA 200 then there is a chance of a bearish reversal. Without any strong bearish sign, it is highly speculative to enter short positions. Moreover, it is worse to take long positions near the resistance level.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD slowly moved lower below the daily SMA 200 and now has 0.6500 as a bearish target. The pair will attempt to move lower and print a new lower swing low. No bullish confirmation yet for now but strong bullish pressure and close above daily SMA 200 could overturn the current bearish trend.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000