USDX (USD Index)
U.S dollar index continues the bullish movement above the 99.40 resistance level. The index is set to target the 100.00 resistance level next. Under the current situation, traders will wait for a bearish correction in the index for a chance to enter long positions in the U.S dollar. We think the bullish trend will continue this year as the Fed scrambles for higher and more aggressive rate-hike.
EUR/USD
EUR/USD is mostly under pressure but maintains its position near the 1.0900 support level. The pair currently testing the level and looking for a bearish breakout below it. If the bearish movement continues then traders will expect the pair to target 1.08000. A breakout and close below 1.0800 is long-term bearish confirmation.
Today’s critical levels to watch:
Support: 1.0900, 1.0800
Resistance: 1.1000, 1.1120, 1.1185
GBP/USD
GBP/USD trading at the 1.3125 support level and looking to bounce from it. No change to the bearish outlook which suggests the pair will continue downward to test 1.3000. However, if the pair managed to bounce and continue upward to close above 1.3250 then the trend will change from bearish to bullish.
Today Critical level to watch:
Support: 1.3125, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY is bullish as the pair continue printing bullish close on the daily chart. The same situation as yesterday, traders will continue waiting for bearish correction for a chance to enter long positions at a better level. At the current time, the blue box area is the place to watch for long positions.
Today’s critical levels to watch:
Support: 120.00
Resistance: 125.00
AUD/USD
AUD/USD printed a bearish close yesterday inside the orange box area. It seems the bullish movement was put to a halt and the pair currently moving lower below the previous day’s low. A test on the bottom of the orange box area seems on the card. Traders could use the bottom of the box area for a chance to enter long positions.
Today critical levels to watch:
Support: 0.7450
Resistance: 0.7500, 0.7550, 0.7640, 0.7690