USDX (USD Index)
U.S dollar index launched upward today, breaking above the 96.10 resistance level. The index is now set to move upward and target a higher swing high above 97.50. In the long term, we think the index will target the 100.00 resistance level. The current situation is mostly triggered because Russia attacks Ukraine today.
If the tension continues to escalate then the U.S dollar index will easily reach the nearest resistance soon.
EUR/USD
EUR/USD breakout below the 1.1300 – 1.1360 area with strong bearish momentum. The pair are set to move lower and target the 1.1000 support level. If there is no change to the situation then we might see the pair reach parity in the long term. If a bounce and close above 1.1360 happen at the end of the week then the pair will reverse the current bearish trend.
Today critical levels to watch:
Support: 1.1300, 1.1185
Resistance: 1.1360, 1.1500
GBP/USD
GBP/USD got rejected from the top of the triangle and fall with strong bearish momentum. The pair currently testing the bottom of the triangle and looking to close below it. If a close below 1.3450 happens then traders will prepare for bearish continuation to target 1.3250 or lower.
Today Critical level to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600, 1.3835
USD/JPY
USD/JPY maintains the position above 114.50 support level and attempts to bounce from it. The pair is under pressure currently but no breakout below the level. If a bearish breakout happens then traders will observe the pair reaction near the trendline. A close below trendline might indicate further weakness toward 112.00
Today critical levels to watch:
Support: 115.00, 114.50, 113.00, 112.00
Resistance: 115.90
AUD/USD
AUD/USD turns lower after the pair reaches the level near 0.7300 – 0.7330 area. The pair currently trading near the 0.7160 support level again. A consolidation might happen and traders will observe the pair reaction near the 0.7160 support level. If the pair could bounce from the level then there is a chance of retest on 0.7300 – 0.7300 and the daily SMA 200.
Today critical levels to watch:
Support: 0.7160, 0.7000
Resistance: 0.7300, 0.7330, 0.7450