USDX (USD Index)
The upward pressure on the U.S dollar index managed to bring the index above the 96.70 resistance level and tested the 97.50 resistance. At the current time, the index is slightly lower, testing the 96.70 broken level. If the index could maintain the close above the level until the end of the week then traders will prepare for another retest on 97.50.
EUR/USD
EUR/USD breakout below the 1.1300 – 1.1360 area. The pair also printed a lower low below the January low. If the pair continues to maintain the bearish pressure and fall below January low then the bearish trend is set to continue. On the other hand, a close above the 1.1300 – 1.1360 area which is followed by a higher swing high might cancel the current bearish outlook.
Today critical levels to watch:
Support: 1.1300, 1.1185
Resistance: 1.1360, 1.1500
GBP/USD
GBP/USD breakout below the triangle and made a close below 1.3450. We might have a bearish confirmation and the pair could continue the bearish movement to target 1.3000. On the upside, a close above daily SMA 200 and the top of the triangle will cancel the current bearish outlook.
Today Critical level to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600, 1.3835
USD/JPY
USD/JPY bounced from the 114.50 support level and start moving upward to the target 115.90 resistance level. The pair need to print a new higher swing high to confirm further upside. On the lower side, a close below 114.50 or the bottom trendline might change the trend from bullish to bearish.
Today critical levels to watch:
Support: 115.00, 114.50, 113.00, 112.00
Resistance: 115.90
AUD/USD
AUD/USD direction has not been decided yet as the pair continue to stick near the 0.7160 support level. Fortunately, the bearish movement contained and the pair maintained a close near 0.7160. On the upside, the pair needs to close above 0.7300 – 0.7330 area and the daily SMA 200 to confirm a long-term bullish reversal.
Today critical levels to watch:
Support: 0.7160, 0.7000
Resistance: 0.7300, 0.7330, 0.7450