USDX (USD Index)
U.S dollar index printed a new higher high today above the 97.50 resistance level. The index is looking to extend the current bullish trend and target the 100.00 handles. No change to the outlook yet, traders will focus on the Russia – Ukraine development and Jerome Powell’s testimony, also the U.S job data this week.
If the index makes a bearish correction then traders could consider entering long positions.
EUR/USD
EUR/USD printed a lower low on the chart and finally on the path toward 1.1000 support level. There is no reason to enter long positions yet. A bounce might happen near the 1.1000 but traders might want to stick with short positions. 1.1120 and 1.1185 is the level to watch for retest and opportunity of entering short positions.
Today critical levels to watch:
Support: 1.1000
Resistance: 1.1120, 1.1185, 1.1300, 1.1360, 1.1500
GBP/USD
GBP/USD pressuring to the downside at the 1.3300 – 1.3330 area. The pair expected to continue the bearish movement and target 1.3250 also 1.3000. If a bounce happens then 1.3450 is the level to watch for a bearish reversal. Traders who have short positions will maintain the position with a stop above 1.3450 or daily SMA 200.
Today Critical level to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3600, 1.3835
USD/JPY
USD/JPY is mostly sideways inside a triangle consolidation with a bullish bias. The pair is expected to breakout above 115.90 and continue the current bullish trend. However, if the pair breaks downward below 114.50 then it might continue moving bearishly toward the 112.00 support level.
Today critical levels to watch:
Support: 115.00, 114.50, 113.00, 112.00
Resistance: 115.90
AUD/USD
AUD/USD bullish pressure dissipate near the 0.7300 – 0.7330 area. The pair currently consolidating near the area and will attempt a breakout. On the bigger outlook, as long as the pair stays below daily SMA 200, the trend will continue to bearish. On the downside, the pair needs to close below 0.7160 then 0.7000 to confirm long-term bearish continuation.
Today critical levels to watch:
Support: 0.7160, 0.7000
Resistance: 0.7300, 0.7330, 0.7450