USDX (USD Index)

U.S dollar index direction is bullish as the index closed above 95.00 resistance level. There is no reason to turn bearish as recent inflation data shoot above 30-years high. It means the inflation could go further higher and the U.S dollar index is expected to follow. If the index makes a bearish correction then traders could observe 94.00 – 94.30 area for long positions in the U.S dollar.

EUR/USD

EUR/USD on the path lower below 1.1500. The pair expected to target the 1.1300 – 1.1360 area next. Without any major bullish reaction, traders could continue to hold short positions. More short positions could be taken when a bullish correction happens near 1.1500 and 1.1580.

Today critical levels to watch:

Support: 1.1360, 1.1300

Resistance: 1.1500, 1.1580, 1.1710

GBP/USD

GBP/USD has broken below 1.3600 – 1.4000 area and yesterday the pair continue moving downward below 1.3450. The only direction is bearish for now and traders will avoid long positions. Without a major change in the price direction, the pair might reach 1.3250 and target 1.3000 next.

Today Critical level to watch:

Support: 1.3450

Resistance: 1.3600, 1.3835, 1.4000

USD/JPY

USD/JPY reversed its direction before it could reach the 112.00 support level. The pair now getting near the 114.50 resistance level once again and set to test it. A breakout and close above 114.50 will confirm further upside to target 115.00 and 115.90. Traders will wait for a bearish correction to enter long positions for now.

Today critical levels to watch:

Support: 113.00, 112.00

Resistance: 114.50, 115.00

AUD/USD

AUD/USD fell and reached the 0.7300 – 0.7330 area. The pair continue under bearish pressure but no breakout below the area. We might see the pair continue trading inside the area and settle inside it at the closing bell. If the pair continues moving lower then it will test the 0.7160 support level. On the upside, if a bullish bounce happens then the orange box area is the target.

Today critical levels to watch:

Support: 0.7330, 0.7300

Resistance: 0.7450, 0.7500, 0.7550