USDX (USD Index)
U.S dollar index moving upward after inflation data shows an increase more than expected. The bullish movement of the index will continue now to target a new higher swing high. If the index turns lower then the Fibonacci Retracement levels will act as support level. Traders will maintain bullish view on the index for now until the index turn lower and print new lower swing low.
EUR/USD
EUR/USD made its fifth consecutive bearish close on the daily chart, and it seems the pair will continue the bearish movement. In the latest bullish attempt, the pair was rejected from the 1.0650 level and printed a new lower swing high. If the pair continues the bearish movement and prints a new lower swing low, then the bearish trend will continue. On the upside, a close above 1.0650 might become an initial bullish confirmation.
Today’s critical levels to watch:
Support:
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120
GBP/USD
GBP/USD turned lower with strong bearish momentum from the 1.2800 level. The pair now will test the 1.2625 level and attempt to breakout below it. If the pair could breakout and print a new lower swing low below 1.2500 then the bearish trend will continue. On the upside, a close above daily SMA 200 might become the bullish reversal confirmation to watch.
Today’s critical levels to watch:
Support: 1.2625, 1.2200
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY bounced from the 151.80 and daily SMA 200 yesterday. The pair also attempted to extend the bullish movement today to print a new higher high. Without a change to the bullish pressure, the pair will continue the bullish movement to target a new higher swing high. On the lower side, a close below 150.00 and a new lower swing low might become the major bearish confirmation to watch.
Today’s critical levels to watch:
Support: 151.80, 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD bullish attempt lost pressure and the pair closed near the opening level yesterday. We might see further bearish pressure in the pair and it might reach 0.6300 level next. It might be better for traders to stay sideline for now and wait for further reactions. On the upside, the pair need to close above 0.6500 and print a new higher swing high to reverse the bearish situation.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000