Forex Technical Major Pairs Analysis | October 14, 2022

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USDX (USD Index)

The movement of the U.S dollar index turned bearish yesterday which might indicate a bearish reversal. However, there is no bearish continuation in today’s trading session. The index is trading upward to erase all of the losses yesterday. Will the index continue the bullish trend and print a new higher high again?

EUR/USD

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EUR/USD printed a bullish engulfing pattern yesterday which might indicate a bullish reversal. However, there is no bullish continuation today. The pair is under bearish pressure and might continue the downward movement toward 0.9500. At the current time, traders better await a bullish correction to enter short positions near the resistance level.

Today’s critical levels to watch:

Support: 0.9500

Resistance: 1.0000, 1.0339

GBP/USD

GBP/USD traded upward yesterday and closed not far from 1.1450. Despite the situation, there is no bullish continuation in today’s trading session. The pair might reverse the direction and start moving lower again to continue the bearish trend. On the lower side, 1.0500 and the parity level is the target to watch.

Today’s critical levels to watch:

Support: 1.0500, 1.0000

Resistance: 1.1450, 1.2000, 1.2100, 1.2200

USD/JPY

USD/JPY continues the bullish movement and is set to target the 150.00 resistance level. The pair has not shown any bearish indication which means there is no reason for traders to turn bearish. If the pair start a bearish correction then traders will wait near the support level for a chance to enter long positions.

Today’s critical levels to watch:

Support: 140.00, 139.30, 135.19, 135.00

Resistance: 150.00

AUD/USD

AUD/USD pushed lower but managed to close the day on the bullish side yesterday. There is bullish follow-through today but the pair is back under bearish pressure. It seems the bearish trend will continue and the pair trade lower to target the 0.6000 support level. If the pair could trade upward then 0.6500 and 0.6700 are the targets to watch.

Today’s critical levels to watch:

Support: 0.6000

Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000

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