USDX (USD Index)
U.S. Dollar Index recently tested the critical 100.67 level. Initially, the index showed some positive bounce reactions from this key floor. However, the price subsequently returned down to trade near its opening level. Consequently, this price action suggests another potential test of the 100.67 level is coming. Nevertheless, the broader directional bias remains structurally tilted to the upside. This bullish outlook holds true as long as the market prints no lower swing low.
EUR/USD
EUR/USD is currently staging a short-term bullish correction. Specifically, buyers are pushing the price higher with an immediate developmental target at 1.1500. On the upside, the pair faces a heavy macro structural barrier. Therefore, the price needs to print a definitive higher swing high above 1.1620. Doing so will successfully break the recent dominant bearish structure.
Today’s critical levels to watch:
Support: 1.1360, 1.1300
Resistance: 1.1500, 1.1580, 1.1710, 1.1820,1.2000, 1.2070
GBP/USD
The ongoing bullish correction for GBP/USD remains fully in play. Today, the pair is actively climbing back above the dynamic daily SMA 200. This crossover signals a positive shift in near-term market momentum. Moreover, if this bullish continuation setup holds its ground, the next major resistance level to watch closely is 1.3450.
Today’s critical levels to watch:
Support:1.3125, 1.3050, 1.3000
Resistance: 1.3250, 1.3300, 1.3330, 1.3450, 1.3600
USD/JPY
USD/JPY has aggressively erased a massive portion of its previous week’s drop. Technically, the price found strong structural support and bounced cleanly from a previously broken swing high. Because the bulls are still firmly in control of the driver’s seat, further upside is expected. Consequently, the pair might continue its upward expansion toward the 161.8% Fibonacci Extension level.
Today’s critical levels to watch:
Support: 161.18, 160.00, 158.89, 155.50
Resistance: 162.00
AUD/USD
AUD/USD continues to move steadily upward. Specifically, this extension follows a reliable bounce from the dynamic daily SMA 200 support floor. Currently, the broader technical picture heavily favors the buyers. Therefore, the primary near-term upside target to watch remains the key 0.7000 psychological handle.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7000, 0.7160, 0.7300, 00.7330