USDX (USD Index)
The U.S. dollar index experienced a significant increase in today’s trading and erased the decline that occurred yesterday. Market players prepare for Fed Jerome Powell’s speech and also the release of U.S. GDP data. The current global market situation is still filled with concerns about inflation continuing to increase and also interest rates that will remain at high levels. Traders will continue to assume that the dollar index can move up further or stay at a point not far from its current level.
EUR/USD
EUR/USD bounced down from 1.0650 and is currently back inside the 1.0500 – 1.0650 area. Even though it was pushed down, the pair managed to form a higher swing high point which was an initial confirmation for a bullish reversal. If the pair can stay above 1.0500 during the current bearish phase then a higher swing low point will be formed.
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 has managed to make a close above the 1.2200 level so there is initial confirmation for the continuation of the upward movement. However, the pair experienced significant selling pressure today and fell back into the 1.2000 – 1.2200 area. Consolidation seems to be still taking place between 1.2000 – 1.2200 for now so traders should prepare a range trading strategy.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY is sticking near 150.00 without any significant reaction. The situation of the pair will still be sideways and traders will continue to wait for further reactions. Still the same as before, if the pair moves down then the 145.00 point can be a bearish target. A break above 150.00 with strong momentum means the bullish trend will continue.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD is trying to rise and return above the resistance line. The pair is at risk of further decline to form a lower swing low. If the pair can move up and make a higher swing high point above 0.6500 then the situation can turn bullish again.
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000