USDX (USD Index)
U.S dollar index bullish trend has not stopped yet. The index will stay on the bullish track as inflation continues to increase. At the current time, there is a bearish reaction which might signal a bearish correction. If a bearish correction happens then traders will wait near the previous breakout level around 105.00 for the chance to enter long positions in the U.S dollar.
EUR/USD
EUR/USD reached the parity level and currently the pair stick near it. The pair’s situation is mostly influenced by the current energy crises in Europe. If there is no improvement in the situation then EUR/USD is set to breakout below the parity level and continue the bearish trend. On the other hand, if the pair could bounce from the current level then 1.0339 will become the upward target.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD extends the bearish movement below 1.2000 and is set to target 1.1450 support level in the long term. There is no significant bullish indication from the current level. If the pair starts moving upward then traders will use the 1.2000 – 1.2200 area as a place to look for short positions.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY bullish trend is unstoppable as the pair continue printing new higher highs on the chart. Traders will continue waiting for a major bearish correction toward the support level for a chance to enter long positions. We think the bullish trend will stop when inflation peaked in the coming months.
Today’s critical levels to watch:
Support: 135.19, 135.00
Resistance:
AUD/USD
AUD/USD pushed lower below 0.6750 yesterday but managed to close the day above it. The pair currently building bullish pressure and will attempt to close above 0.6820. If the pair could close above 0.6820 then there is a chance of a bullish continuation toward 0.7000. Traders will wait near 0.7000 for the chance to enter short positions.
Today critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000, 0.7160, 0.7300