USDX (USD Index)
The U.S. dollar index closed bearish yesterday and today saw a continued bearish move. However, there is no strong bearish momentum so this bearish correction will likely only last temporarily. If the index turns out to continue the bearish movement then the point 105.00 will be the decline target.
EUR/USD
EUR/USD closed near 1.0500 and saw a continuation of the upward movement today. This bullish movement is a bullish correction phase and as long as no higher swing high point is formed, the trend is still bearish. If the pair can move up and close above 1.0650 then the situation can turn bullish.
Today’s critical levels to watch:
Support: 1.0500
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD moved up and closed above 1.2100 yesterday. The pair is trying to continue its upward movement towards 1.2200. Currently, the pair’s movement range is estimated to be between 1.2000 – 1.2200. When the pair can close above 1.2200 then the situation can turn bullish with the opportunity for a double bottom pattern to form.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY experienced a strong rejection from 150.00 initially. However, the pair looks able to withstand further bearish pressure. Consolidation is underway and traders will be watching the situation develop. If it turns out that the BOJ intervenes as it did in 2022, USD/JPY could move down sharply.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD has formed a lower swing low point so the bearish trend doesn’t look like will end yet. The pair looks to be moving up currently testing the swing low point that was formed before the decline. Will the pair bounce down and immediately continue its bearish movement? Or can the pair continue its upward movement to test the 0.6500 point?
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000