USDX (USD Index)
U.S. Dollar Index gapped down sharply at the open following the geopolitical news that the U.S. and Iran signed a memorandum of understanding halting military operations. Despite this initial bearish shock, we are seeing significant reactions near the 99.00 – 99.50 support area, and the index appears to be bouncing from this zone. The critical question for the market is whether this geopolitical gap is a short-term event that will quickly be bought up, allowing the index to resume its bullish trajectory, or if the downward pressure will continue and drag the index firmly back inside the 99.00 – 99.50 range.
EUR/USD
EUR/USD broke above the pivotal 1.1580 resistance level with strong initial momentum today but ultimately could not maintain the upward pressure. Sellers have stepped in, pushing the pair back down toward the 1.1580 mark. If the pair settles near or below this level by the daily close, it will signal a failed breakout attempt, confirming that the long-standing 1.1500 – 1.1580 consolidation range remains fully intact.
Today’s critical levels to watch:
Support: 1.1500, 1.1360, 1.1300
Resistance: 1.1580, 1.1710, 1.1820,1.2000, 1.2070
GBP/USD
Despite the broader market volatility tied to the U.S.-Iran news, GBP/USD remains strictly limited in its movements, pinned between the daily SMA 200 and the 1.3450 resistance barrier. As anticipated, the consolidation phase appears highly likely to continue grinding between these two key technical levels until a definitive catalyst forces a breakout.
Today’s critical levels to watch:
Support: 1.3330, 1.3300, 1.3250
Resistance: 1.3450, 1.3600
USD/JPY
USD/JPY experienced a notable bearish attempt early in today’s session, but the pair abruptly turned upward and is currently trading well above its opening level. It is now trading near Friday’s high and has the potential to close near it. Because the current price action is still entirely contained inside the range of last week’s bearish engulfing candlestick, there is no solid conclusion yet for the next directional leg. Traders should remain cautious until a clear breakout from this candlestick’s range occurs.
Today’s critical levels to watch:
Support: 160.00, 158.89, 155.50, 155.00, 153.00, 151.00
Resistance: 161.18
AUD/USD
AUD/USD is looking to extend its upward recovery after executing a successful bounce from the 0.7000 psychological support level last week. The bulls remain in control of the near-term momentum. If this upward push can be sustained without stalling, the next logical upside target for the pair is the 0.7160 resistance level.
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160, 0.7300, 00.7330