USDX (USD Index)
U.S dollar index is in a bearish trend now and has 100.00 as a bearish target. The situation is supported by the shift from the fundamental perspective where the Fed balance sheet suddenly inflate after the bank rout. Traders will expect the Fed will stop its interest-rate hike and start bolstering the market. Each upward movement in the index is a chance for traders to enter short positions in the U.S. dollar.
EUR/USD
EUR/USD managed to continue the bullish movement above the 1.0650 support level and reached the 1.0900 resistance level last week. At the current time, the price is experiencing a bearish correction where traders could enter long positions when the pair reaches the support level. On the upside, a close above 1.1000 will confirm a long-term bullish continuation.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000, 0.9500
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD finally closed above the 1.2000 – 1.2200 area which confirms a bullish continuation. The pair currently trading near the level and will wait for further bullish pressure. Traders could use the 1.2000 – 1.2200 area as a place to enter long positions. Meanwhile, if the pair close below the 1.2000 level then the trend might turn bearish again.
Today’s critical levels to watch:
Support: 1.2100, 1.2000, 1.1450
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY has reached the green box area and there are no major reactions yet from the area. Traders will continue to monitor the pair reaction near the area. If there are major bullish reactions then traders could enter long positions with the daily SMA 200 as an upward target. Meanwhile, a bearish close below the area will confirm a bearish continuation to target a new lower low.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD attempted to start a bullish movement but is limited below the 0.6700 – 0.6750 area. The pair might hold positions near the current level and make another bullish attempt. A close above the daily SMA 200 will confirm a bullish continuation to target 0.7160. On the other hand, if the pair resume the bearish movement and print a new lower low then the bearish trend will continue.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000