USDX (USD Index)
The U.S. dollar index strengthened again and continued its bullish movement. Rising treasury yields in the U.S. continue to be a concern for market players. As long as there is no change in the situation or confirmation from the Fed that inflation is under control, the index still has room for upward movement.
EUR/USD
EUR/USD fell towards 1.0500 to test it. The pair’s movement range between 1.0500 – 1.06500 is still valid for now. Consolidation will take place and traders will wait for a close outside this area. If the pair can form a higher swing low point on the current bearish attempt then there is still a chance for an upward reversal.
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 is moving down and stuck near 1.2100 for now. The pair still has room to decline to test the 1.2000 point. The pair’s movement range is between 1.2000 – 1.2200 for now and traders will wait for a close outside the range. When a closing outside the range occurs, traders will get a confirmation of the direction of the next movement.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY broke above 150.00 but seems to have lost its bullish momentum. The pair is likely to continue its consolidation not far from 150.00. Traders who already have a long position from the previous support point can maintain their position and observe the movement of the pair. If the pair returns below 150.00 then there is a possibility of a decline towards 145.00.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD fell and formed a lower low in today’s trading. The pair immediately recovered and was traded again near the opening point. For now, the bearish situation for the pair has not ended and the pair tend to move lower. Traders will wait for a bullish correction to the resistance point for opportunities to enter short positions.
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000