USDX (USD Index)
U.S dollar index got rejected from the 94.30 resistance level and closed below 94.00 yesterday. The index does not continue the bearish movement today as it sticks near the 94.00 resistance level. Traders are waiting for tomorrow’s FOMC meeting which will announce tapering. The market situation will depend on the announcement, a more aggressive tapering than previously planned should bring the global market lower and push the index upward.
EUR/USD
EUR/USD managed to close above 1.1580 yesterday but there is no bullish follow-through today. The pair seems will stick near the 1.1580 support level until tomorrow the Fed FOMC meeting announcement. If the pair continues lower then it will target 1.1500. On the upside, another test on 1.1710 might happen too.
Today critical levels to watch:
Support: 1.1500, 1.1360
Resistance: 1.1580, 1.1710, 1.1820, 1.2000, 1.2070
GBP/USD
GBP/USD continues its bearish movement below the daily SMA 200 and gets near the 1.3600 support level. The pair might trade near the support level before the Fed FOMC meeting tomorrow. If the pair breakout and closes below 1.3600 then it will continue the bearish trend. On the upside, if the pair closes above 1.3835 then there is a chance for a bullish reversal.
Today Critical level to watch:
Support: 1.3600, 1.3450
Resistance: 1.3835, 1.4000
USD/JPY
USD/JPY tested the 114.50 resistance level but once again formed a bearish pin bar pattern. The pair continue trading sideways near the resistance level and waited for further reaction. Traders will wait for tomorrow’s FOMC meeting to get a clue on the next direction. If the pair make a bearish correction then 112.00 is the level to watch for long positions.
Today critical levels to watch:
Support: 113.00, 112.00
Resistance: 114.50, 115.00
AUD/USD
AUD/USD got rejected from the daily SMA 200 and the top of the orange box area. The pair fall with moderate bearish momentum and currently testing the bottom of the range. If the pair make a close below the level then there is a chance for deeper bearish movement toward 0.7300 – 0.7330. The pair’s next long-term direction will depend on tomorrow’s FOMC meeting result. If the pair make sudden upward movement and close above daily SMA 200 then it could turn into a major bullish reversal.
Today critical levels to watch:
Support: 0.7450, 0.7330, 0.7300
Resistance: 0.7500, 0.7550