USDX (USD Index)
Hawkish The Fed minutes send U.S dollar index up above 95.50 resistance and confirmed a breakout. It is the task for the bull now to maintain the position above broken resistance. If there is no close below 95.50 then we could expect bullish continuation in the index.
News to watch
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Technical Analysis
EUR/USD
EUR/USD dropped to 1.1500 and erase the hope to move further higher above 1.1580. The pair range currently spans between 1.1500 – 1.1580 and might hold out until next major news. The bull attempting to make a bounce from 1.1500 today. Traders will wait for the price reaction at the bottom of the blue box area to determine where EUR/USD will move next.
Today critical level to watch:
Support: 1.1500, 1.1360, 1.1300
Resistance: 1.1580, 1.1600, 1.1710
GBP/USD
GBP/USD drifted lower after the pair touched a level near 1.3250. There is follow through by the bear today before the pair bounce to its opening level. The pair still has bullish bias and could make another test on 1.3250 and the daily SMA 200. If breakout above 1.3250 happens, then GBP/USD expected to reach 1.3450 – 1.3600 area.
Today critical level to watch:
Support: 1.3100, 1.3050
Resistance: 1.3125, 1.3200, 1.3250, 1.3300
USD/JPY
USD/JPY claimed back 112.50 after the release of hawkish Fed minutes. However, the pair losing altitude today and might close below the level. We need more confirmation whether bullish bounce will happen at 112.50 or a close inside 112.00 – 112.50 will happen.
Today critical level to watch:
Support: 112.00, 111.00, 110.50
Resistance: 112.50, 113.00, 113.20
AUD/USD
A bearish engulfing pattern is seen on the AUD/USD chart which is a bearish sign. But, there is no break confirmation yet, instead, AUD/USD erases all previous day losses and ready to challenge 0.7160. The bull seems will seize control in AUD/USD by making breakout above 0.7160 and canceling the bearish engulfing pattern.
Today critical level to watch:
Support: 0.7100, 0.7000
Resistance: 0.7160, 0.7300