USDX (USD Index)

The index continues higher in the previous trading day, extending gain after the bounce from 97.50 support level. At the current rate, it seems 98.25 resistance will be tested soon. Yesterday, we have inversion in the bond yield which indicates looming economic recession. It means the U.S dollar index has more room upside if the situation continues bearish for the global market.

EUR/USD

The pair pushed lower after rejection from 1.1185 resistance yesterday. No bullish indication yet and it soon will arrive at 1.1120 support level. If the support 1.1120 broken then EUR/USD will resume its long-term bearish trend and attempt to print fresh low below 1.1000.

today critical levels to watch:

Support: 1.1120, 1.1100

Resistance: 1.1185, 1.1200, 1.1280

GBP/USD

GBP/USD traded inside 1.2000 – 1.2100 and no breakout of the range yet. The pair expected to continue its ranging movement until breakout happens. At the current time, the pair is testing the top of the range with ample bullish momentum. Will it breakout to the upside and start a bullish correction?

Today Critical level to watch:

Support: 1.2000

Resistance: 1.2100, 1.2300, 1.2400

USD/JPY

The bullish reaction at the level near 105.00 sent USD/JPY flying toward 106.70 – 107.00 resistance area. No breakout above the resistance area and USD/JPY stuck below the area for third days. Today, there was another bullish attempt but the bear manage to push the price back below its opening level. If the bear could press the price further lower and close below the previous day low then we might see USD/JPY fall toward 105.00.

Today critical levels to watch:

Support: 105.00, 104.67

Resistance: 106.10, 106.70, 107.00

AUD/USD

AUD/USD bounced from the bottom of the blue box as in our previous projection. The pair might continue sideway inside the box for now. Traders could use the moment to apply ranging strategies until breakout happens.

Today critical levels to watch:

Support: 0.6700

Resistance: 0.6800, 0.6900