USDX (USD Index)
U.S dollar index stage rally after the U.S inflation data release. However, the bullish pressure reversed, and the index is currently under pressure. It seems traders are shrugging the hotter than expected inflation numbers and playing the “Sell the news” card. If the index continues the bearish movement then traders could expect a test in the 94.00 – 94.30 area.
At the current time, it is better to wait for the closing level of the index at the end of the day or week.
EUR/USD
EUR/USD pressuring to the upside at the current time. The pair has not breakout above the 1.1500 resistance level yet which means no confirmation yet. Will the pair breakout and continue the bullish movement toward the daily SMA 200? Alternatively, will it get rejected and resume the bearish movement toward the 1.1300 – 1.1360 area again?
Today critical levels to watch:
Support: 1.1360, 1.1300, 1.1185
Resistance: 1.1500
GBP/USD
GBP/USD climbs above the daily SMA 200 and maintains the bullish at the current time. The pair need to close above the daily SMA 200 and 1.3600 to confirm further upside, otherwise, we might see a bearish reversal from the current level. It is better to wait for the closing level at the end of the day or week to get confirmation on the next direction.
Today Critical level to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600, 1.3835
USD/JPY
USD/JPY climbing upward but limited at the 115.90 resistance level. The pair need to build more bullish pressure and print a higher swing high to confirm further upside. Meanwhile, traders will continue waiting for confirmation near the level for now. Will the pair continue the bullish movement or get rejected and start a bearish correction?
Today critical levels to watch:
Support: 115.00, 114.50, 113.00, 112.00
Resistance: 115.90
AUD/USD
AUD/USD breakout and close above the 0.7160 resistance level. The pair continues moving upward today with moderate bullish momentum. If there is no change to the current situation then the pair could continue upward to test the 0.7300 – 0.7330 area and the daily SMA 200. We have no conclusion yet on the current bullish movement, it might be better to wait for the daily or weekly closing level before deciding what to do next.
Today critical levels to watch:
Support: 0.7160, 0.7000
Resistance: 0.7300, 0.7330, 0.7450