USDX (USD Index)
The index moves upward as expected and continues building more bullish pressure. The current situation is fueled by a possible coming recession after an inversion in the Treasury yield. On the upside, 99.40 and 100.00 are the upward targets to watch. If the index failed to breakout above 99.40 then it is set to range between 99.40 – 97.50 area.
EUR/USD
EUR/USD closed below the 1.1000 support level and continue the bearish movement. At the current time, the pair is trading near the 1.0900 support level and set to continue the bearish movement to target 1.0800. If the pair closes below 1.0800 then it will confirm the long-term bearish continuation.
Today’s critical levels to watch:
Support: 1.0900, 1.0800
Resistance: 1.1000, 1.1120, 1.1185
GBP/USD
GBP/USD maintains the position near the 1.3125 level. The pair attempted to move upward today above the level but received a bearish reaction. At the current time, the pair has traded below the opening level and might close the day on the bearish side. We still need a close below 1.3000 to confirm the continuation of a long-term bearish trend.
Today Critical level to watch:
Support: 1.3125, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY was mostly higher after the bounce from the blue box area. There is no weakness sign which means the bullish trend could continue. Traders will continue waiting for major bearish correction to enter long positions. Meanwhile, traders who have long positions could continue to hold the positions as long as the pair printing higher high.
Today’s critical levels to watch:
Support: 120.00
Resistance: 125.00
AUD/USD
AUD/USD breakout above the orange box area which is extremely bullish. The pair has confirmed a new higher swing high and continuation of the bullish trend. However, the pair relinquish half of its gain and currently attempting to close the day above the orange box area. If the pair close below the orange box area instead then it might start another bearish correction to target the bottom of the orange box area.
Today critical levels to watch:
Support: 0.7550, 0.7500, 0.7450
Resistance: 0.7640, 0.7690