USDX (USD Index)
Traders are waiting for the Fed FOMC meeting today which could trigger volatility in the U.S dollar index. The index is trading between 94.00 – 94.30 at the current time and is expected to break out of the range after the announcement. Aside from the FOMC meeting, there are jobs data releases to watch too this week.
EUR/USD
EUR/USD stick near the 1.1580 support level before the Fed FOMC meeting today. The pair’s next direction is either up to test 1.1710 or down toward 1.1500. As the trend is bearish, traders suggested waiting for a bullish correction toward 1.1710 to enter a short position on bearish reaction.
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 closed lower near the 1.3600 support level. The pair come under pressure below the daily SMA 200 but it might consolidate near 1.3600 for now. On the higher outlook, the pair range span between 1.3600 – 1.4000, and another breakout below 1.3600 will confirm bearish continuation. However, a close above daily SMA 200 or 1.3835 at the end of the week might trigger a bullish reversal.
Today Critical level to watch:
Support: 1.3600, 1.3450
Resistance: 1.3835, 1.4000
USD/JPY
USD/JPY make ranging movement near the 114.50 resistance level. The pair are waiting for either rejection or breakout above it. If bearish rejection happens then traders will wait near 112.00 for a chance to enter long positions. If a bullish breakout happens then the pair could easily target the 115.00 resistance level.
Today critical levels to watch:
Support: 113.00, 112.00
Resistance: 114.50, 115.00
AUD/USD
AUD/USD confirmed a bearish reversal from the daily SMA 200 and the top of the orange box area. The pair closed below the orange box area and might continue downward to target the 0.7300 – 0.7330 area. However, the Fed FOMC meeting is today which might trigger major volatility in the market.
Traders could enter short positions but stay cautious if the pair make a close above daily SMA 200.
Today critical levels to watch:
Support: 0.7450, 0.7330, 0.7300
Resistance: 0.7500, 0.7550