USDX (USD Index)
The U.S. dollar index is turning up again during today’s trading session. Specifically, this bullish push happened after reports surfaced that Iran attacked UAE. As a result, safe-haven demand has quickly returned to the greenback. Above the daily SMA 200, the critical 99.00 level is the next major resistance to watch. Therefore, a definitive close above this level becomes a strong bullish confirmation. On the lower side, we might actually have a potential double bottom pattern forming. However, if the index breaks lower instead, it would serve as solid bearish confirmation.
EUR/USD
EUR/USD has dropped right back below the 1.1710 pivot level today. Consequently, the pair is now ready to test the critical daily SMA 200 once again. If the pair manages to form a new lower swing low, the picture quickly turns bearish. As a result, we might see a deeper pullback develop in the coming sessions. Therefore, traders will monitor the price reactions at the daily SMA 200 very closely now. A solid bounce here could easily revive the bullish structure.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820,1.2000, 1.2070
GBP/USD
GBP/USD continues to respect its established 1.3450 to 1.3600 trading range today. Specifically, the pair is now trading lower after a recent test of the 1.3600 resistance ceiling. Because this rejection has been so consistent, the broader sideways structure remains firmly intact. Therefore, traders should expect more ranging price action until a definitive breakout occurs. Consequently, the next major directional move depends entirely on which boundary breaks first. A clean break above 1.3600 will trigger a bullish continuation.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600
USD/JPY
USD/JPY is trading inside a tight range similar to last Friday’s session. Specifically, the pair is currently pausing after its recent massive bearish drop. Because of this consolidation, the next major directional move remains uncertain. Will it continue lower to target the daily SMA 200? Alternatively, will it recover upward and completely ignore the bearish candle? Therefore, traders are watching closely for the next clear signal.
Today’s critical levels to watch:
Support: 158.89, 155.50, 155.00, 153.00, 151.00
Resistance: 160.00, 161.18
AUD/USD
AUD/USD has turned lower today and is currently trading right near the 0.7160 pivot level. As a result, a fresh consolidation phase might easily take place near this critical area. Therefore, traders should expect tight sideways action in the near term. On the upside, the 0.7300 to 0.7330 zone remains the primary bullish target. On the lower side, the major 0.7000 psychological level is the key support to watch. Consequently, the next breakout will determine the broader direction.
Today’s critical levels to watch:
Support: 0.7160, 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7300, 00.7330