USDX (USD Index)

U.S dollar index on a full bearish sentiment as Joe Biden voted as new U.S president. This week, the index opened lower and soon will test the 92.00 support level. If a bearish breakout happens then traders will expect further weakness toward the 92.00 support level. At the current time, traders will monitor the index reaction near the 92.00 or August low.

EUR/USD

EUR/USD bullish movement continues and currently testing the October high. We expect further bullish continuation toward the 1.2000 resistance level. Without a major change in the sentiment, traders will expect the pair to continue upward.

Long positions could be considered near the 1.1820 level.

today critical levels to watch:

Support: 1.1710, 1.1580, 1.1500

Resistance: 1.1820, 1.2000

GBP/USD

The current movement in GBP/USD and other major pairs mostly dependent on the U.S dollar index movement. U.S dollar weakness could help GBP/USD to continue its upward movement toward 1.3250 and the 1.3450 – 1.3500 area. Traders might want to avoid short positions for now at least until there is a major bearish reaction near the resistance or when there is a bullish reaction in the U.S dollar index.

Today Critical level to watch:

Support: 1.3125, 1.3050, 1.3000

Resistance: 1.3250

USD/JPY

USD/JPY on the path toward 101.50 and 100.00 after the bearish breakout below 104.00. No change to the current situation. If the pair make a bullish correction then traders could use 104.00 and 105.00 as levels to enter short positions.

Today critical levels to watch:

Support: 101.50, 101.19

Resistance: 104.00, 105.00, 106.00, 106.70

AUD/USD

AUD/USD continues moving upward and currently testing the 0.7300 – 0.7330 area. The pair might extend its bullish movement and target the 0.7450 – 0.7500 area next. As long as there is no major bearish reaction from the resistance level then traders will continue to hold long positions.

Today critical levels to watch:

Support: 0.7160, 0.7000, 0.6820

Resistance: 0.7300, 0.7330