Forex Technical Major Pairs Analysis | September 23, 2022

USDX (USD Index)

The situation of the U.S dollar index is bullish after the Fed announces rate-hike and plans more hikes in the coming months. There is no change to the current bullish trend and traders better avoid shorting the U.S dollar. If the index starts a bearish correction then traders could wait near 109.77 – 110.76 for bullish reactions.

EUR/USD

EUR/USD leaving the parity with strong bearish momentum. The pair finally start to move lower as we expected and clearing stop orders below parity. However, the pair might continue to add more bearish pressure and might not return above parity soon as Europe is in bad shape. If the pair manages to return above parity then the bearish trend might be over.

Today’s critical levels to watch:

Support:

Resistance: 1.0000, 1.0339

GBP/USD

GBP/USD fall with strong bearish momentum, distancing itself from the 1.1450 level. The pair might continue the bearish movement and target the parity level, following what happened in EUR/USD. Traders will continue to stick with short positions and avoid long positions as long as the pair continue printing lower low and lower high.

Today’s critical levels to watch:

Support: 1.1450

Resistance: 1.2000, 1.2100, 1.2200

USD/JPY

USD/JPY slightly yesterday as it print a new bearish close. Despite the situation, the pair might turn bullish again as the U.S dollar index continues moving upward. Traders will continue waiting for a bearish correction toward the 139.30 level for a chance to enter long positions on bullish reactions.

Today’s critical levels to watch:

Support: 140.00, 139.30, 135.19, 135.00

Resistance:

AUD/USD

AUD/USD extending the bearish movement after the close below the 0.6700 support level. The pair now will target the 0.6500 support level and continue the bearish trend. If the pair start a bullish correction then traders will wait near the resistance level for a chance to enter short positions when there is a bearish reaction.

Today’s critical levels to watch:

Support: 0.6750, 0.6700

Resistance: 0.6820, 0.7000, 0.7160, 0.7300

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