USDX (USD Index)

U.S dollar index, sideways but slightly higher yesterday. The index continue trading sideways today as traders prepare for the release of inflation data this week. Traders better wait for the index to make a strong momentum movement and print lower swing low or higher swing high to confirm the next direction.

EUR/USD

EUR/USD fell below the 1.0339 level but mostly able to maintain the positions not far from the level. The pair might trade sideways near the current level until the release of inflation data this week. Will the pair continue the bearish movement and print a new lower swing low? Alternatively, will it rise above 1.0500 to reverse the current bearish trend?

Today’s critical levels to watch:

Support: 1.0339, 1.0200, 1.0100, 1.0000

Resistance: 1.0500, 1.0650, 1.0800

GBP/USD

GBP/USD slightly lower at the beginning of the day, but it returns to the opening level now. The pair might trade sideways near the current level as traders waiting for the release of inflation data tomorrow. Under current situation, it is better to wait and see until the pair form a new price structure.

Today’s critical levels to watch:

Support: 1.2200

Resistance: 1.2625, 1.2800, 1.3000

USD/JPY

USD/JPY bounced from 151.00 level after it fell below the daily SMA 200. At the current time, the pair is trading between 151.00 and daily SMA 200. We might see ranging movement until this week, inflation data release. If the pair resume the bearish movement, then it will target a new lower swing low. On the upside, a close above daily SMA 200 might confirm the start of a new bullish leg.

Today’s critical levels to watch:

Support: 151.80, 150.00

Resistance: 155.00, 158.00

AUD/USD

AUD/USD mostly sideways now. The pair might attempt to extend its bullish movement toward the 0.6350 level. A close above 0.6350 will confirm medium-term bullish reversal. Meanwhile, a bearish continuation and a new lower swing low will confirm the continuation of bearish trend.

Today’s critical levels to watch:

Support: 0.6250, 0.6000

Resistance: 0.6350, 0.6500, 0.6700