USDX (USD Index)
The U.S. dollar index dropped sharply lower during today’s trading session. Specifically, the index suffered a strong rejection right at the 99.00 resistance level. Consequently, the bears have decisively taken full control and stormed the market. Therefore, sellers are now firmly back in the driver’s seat. If there are no immediate bullish reactions of the same magnitude, the picture remains heavily negative. As a result, the bearish move has even more leg in the coming sessions.
EUR/USD
EUR/USD bounced solidly from the daily SMA 200 today. As a result, the pair shows a remarkable intraday recovery. Furthermore, the price action looks set to close the day forming a powerful bullish engulfing pattern. Because of this strong reversal signal, buyers have regained full control of the market. Consequently, EUR/USD has a clear path to attempt another move higher. Therefore, the 1.1820 resistance level becomes the next major upside target.
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 is showing strong bullish momentum during today’s trading session. Specifically, the pair has aggressively pushed up from 1.3450 to the 1.3600 resistance level. Because the bulls are now firmly in full control, a definitive breakout looks highly probable. Therefore, the pair might successfully close above the established 1.3450 to 1.3600 trading range. If that happens, the broader bullish picture is finally confirmed. Consequently, the next upside leg will easily begin.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600
USD/JPY
USD/JPY experienced a massive sell-off during today’s session. Specifically, an intervention by the BOJ—or simply the fear of intervention—caused this sudden drop. As a result, the daily candlestick massively engulfed the entire March candle. Therefore, this technical signal carries enormous weight on the chart. If there is a bearish follow-through during the next trading day, the picture turns even worse. Consequently, we will easily see more downward movement to target the daily SMA 200.
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 has returned to a bullish stance above the critical 0.7160 level. As a result, the pair is firmly set to print a fresh new higher high soon. Because buyers are back in control, the broader uptrend has resumed beautifully. Therefore, market direction is now pointing upward once again. Consequently, the 0.7300 to 0.7330 resistance zone becomes the immediate upside target. Traders should expect further bullish continuation in the coming sessions.
Today’s critical levels to watch:
Support: 0.7160, 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7300, 00.7330