USDX (USD Index)
The U.S. dollar index remains under bearish pressure today, pushing down to print a new lower low. However, the index managed to find some support and recovered from its intraday lows, currently moving back inside yesterday’s trading range. This recovery suggests that while the bears are pushing the price down, the bulls are still attempting to defend the lower levels. The overall trend remains bearish, and the index will need to show a stronger reversal to shift the momentum.
EUR/USD
EUR/USD attempted a bullish breakout above the crucial 1.1820 resistance level today but quickly lost its upward pressure. The pair has since fallen back and is currently trading near its opening level, forming a candlestick with a noticeable upper shadow. This rejection could be an initial sign of exhaustion and a potential short-term bearish reversal. If sellers take control from here, the pair is expected to move lower to retest the 1.1710 support level.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820,1.2000, 1.2070
GBP/USD
GBP/USD faced another rejection at the stubborn 1.3600 resistance level today, showing that buyers do not yet have the strength to force a breakout. The pair remains firmly trapped within the 1.3450 to 1.3600 consolidation range. Until a decisive breakout occurs, ranging price action is expected to continue. If the pair turns lower from this ceiling, it will likely head toward the bottom of the range, giving traders a potential chance to enter long positions near the 1.3450 support level.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600
USD/JPY
USD/JPY is experiencing strong bearish pressure today, finally breaking down from its tight consolidation to print a new lower low. While this downward push is significant, traders should remain cautious as the pair still needs more confirmation for a sustained bearish continuation. A daily close near the lows would solidify the bearish case, potentially opening the door for further downside toward the 156.51 and 155.50 support zones.
Today’s critical levels to watch:
Support: 158.89, 155.50, 155.00, 153.00, 151.00
Resistance: 160.00, 161.18
AUD/USD
AUD/USD initially extended its upward climb, pushing further above the 0.7160 level. However, similar to the price action seen in EUR/USD, the pair lost momentum and is currently moving back down near its opening level. This suggests that a phase of consolidation might happen near the 0.7160 pivot area. With upward momentum stalling, traders should be prepared for a possible short-term bearish correction before the pair decides on its next major directional move.
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160