USDX (USD Index)
U.S dollar index experienced bearish pressure yesterday and closed the day on the bearish side. The index made a bearish continuation today but managed to recover above the opening level. At the current time, the index will attempt to maintain the bullish pressure and close higher. However, if the index starts a bearish correction then traders will wait near 107.50 for a bounce reaction.
EUR/USD
EUR/USD made a bullish close near the parity level yesterday. However, the pair undergo bearish pressure today after ECB announced a rate hike of 75 bps. The pair might resume the bearish trend and target a lower level below the parity. If the pair could climb and close above parity before the end of the week then we might see a continuation of the bullish correction movement.
Today’s critical levels to watch:
Support:
Resistance: 1.0000, 1.0339
GBP/USD
GBP/USD printed a bullish close near the 1.1450 support level after a new lower low. The pair is currently under bearish pressure again and might retest the 1.1450 support level. Traders who have short positions will continue to hold the positions as the trend is bearish. If a bullish correction happens then traders could short the pair at a higher level.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY trend has not changed yet as the pair continue moving upward. There is no bearish indication which means it is better to avoid entering short positions. If the pair start a bearish correction then traders could use 139.30 as a level to enter long positions.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance:
AUD/USD
AUD/USD tested the 0.6700 support level and managed to form a bullish reaction. No upward continuation yet in today’s trading session and the pair is under bearish pressure. If the pair starts moving upward then 0.6820 is the resistance level to watch. A close above the level could open the bullish path toward 0.7000.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300