USDX (USD Index)
U.S dollar index turned bullish after the speech by Jerome Powell yesterday. However, the bullish sentiment is not aligned with the Fed message. The Fed decided to implement “Averages inflation targeting” which means the interest rate will be kept at the record low for the long-term.
Today, we could see the U.S dollar index started a bearish movement and has moved below the previous day low. If the index maintains its bearish pressure then we might see breakout below 92.00 soon.
EUR/USD
EUR/USD closed near the 1.1820 level yesterday and indicating a neutral outlook. The pair launch upward today and currently testing the previous day high. If the pair continues its bullish movement then traders will expect the pair to reach 1.2000 and 1.2070 soon.
today critical levels to watch:
Support: 1.1820, 1.1710, 1.1600, 1.1580
Resistance: 1.2000, 1.2070
GBP/USD
A breakout above 1.3250 resistance happens today and GBP/USD has reached 1.3300 resistance. If the pair continues to maintain its bullish pressure then there is no reason to enter short positions. Traders who want to enter short positions need to wait until the pair make major bearish close below 1.3250.
On the upside, the 1.3450 – 1.3600 area will become the upward target.
Today Critical level to watch:
Support: 1.3000, 1.2800
Resistance: 1.3250, 1.3300, 1.3450
USD/JPY
USD/JPY rejected from the 106.70 resistance level and move lower with strong bearish momentum. The pair could not print higher high above the 107.05. If the pair printed a lower low below 105.00 then traders could be assured that the pair will resume its long-term bearish trend.
Today critical levels to watch:
Support: 105.00, 101.19
Resistance: 106.00, 106.70, 108.00
AUD/USD
AUD/USD finally reaches the 0.7330 resistance level. The pair bullish movement show no weakness at the current time. Traders will avoid short positions for now at least until the pair formed a major bearish pattern.
Today critical levels to watch:
Support: 0.7160, 0.7000, 0.6820
Resistance: 0.7330