USDX (USD Index)
U.S dollar index made a bearish close yesterday and might resume the bearish movement to target the 100.00 handles. Traders will focus on the release of inflation data today. If the index starts moving upward again then it will target the daily SMA 200. On the lower side, 100.00 and lower will become the bearish target. Slowing inflation and no more rate-hike will become a strong catalysts for weakness in U.S. dollar index.
EUR/USD
EUR/USD maintains the position near 1.0900 and might continue the bullish movement toward the 1.1000 resistance level. As mentioned in the previous analysis, a close above 1.1000 will confirm the continuation of the bullish trend. On the lower side, if the pair makes a bearish correction then traders will wait near the 1.0800 and 1.06500 for a chance to enter long positions.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0339
Resistance: 1.1000
GBP/USD
GBP/USD is slightly lower but maintain the bullish trend with 1.2625 and 1.2800 upward targets. Traders will continue to hold long positions with stops below either 1.2000 or the daily SMA 200. When the pair make a bearish correction toward the 1.2000 – 1.2200 area or the daily SMA 200, traders could consider entering long positions on bullish reactions.
Today’s critical levels to watch:
Support: 1.2100, 1.2000, 1.1450
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY bounced from the green box area again and will continue the sideway movement. There is no confirmation yet on the pair’s next direction. If the pair is trades upward then it will target the daily SMA 200. On the lower side, the pair will attempt to print a new lower low on the chart to resume the bearish trend.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD rejection from the daily SMA 200 brought the pair lower but we could see a bullish attempt today. If the pair move upward and closed above the daily SMA 200 then the bullish trend could continue. However, if the pair resume the bearish movement then it will target the 0.6500 support level.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000