USDX (USD Index)
There is a major bearish reversal happening in the U.S dollar index today. The market reaction after the release of inflation data is as expected. But, after several trading hours, it seems the market reversed, and the U.S dollar index traded below the opening level. If the bearish pressure continues to build up then we might see a bearish correction to target a new lower low.
EUR/USD
EUR/USD trading upward following the developing situation in the U.S dollar index. The pair might start another bullish attempt at the parity level. If the pair could close above the level then traders will expect continuation toward the 1.0339 level. On the other hand, if the pair start moving lower again and print a new lower low then traders will expect a bearish continuation.
Today’s critical levels to watch:
Support: 0.9500
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD stage a rally from the current level and set to target the 1.1450 resistance level. The pair is expected to continue moving upward and test the resistance level. If the pair could close above 1.1450 then it will confirm a bullish continuation toward the 1.2000 – 1.2200 area. On the other hand, failure to print a higher high will cancel the bullish outlook and trigger a bearish continuation.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1450, 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY maintains the bullish pressure and slowly moving upward. If there is no change to the situation, the pair will target the 150.00 resistance level. Traders who have long positions will continue to hold the positions. Meanwhile, traders who want to enter long positions will wait for a bearish correction toward the support level.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance: 150.00
AUD/USD
AUD/USD pushed lower today but managed to return to its opening level. The pair will attempt to close the day as a bullish pin bar pattern and continue the upward movement until the weekly close. If the pair continues moving upward then 0.6500 and 0.6700 is the upward target to watch.
Today’s critical levels to watch:
Support: 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000