USDX (USD Index)
U.S dollar index closed higher last week and near the 99.40 resistance level. The bullish pressure is expected to build up for the medium-long term. This week, the index started with a bearish movement as the Fed FOMC meeting is near. We think the index might continue lower but limited above the 99.40 support level before the announcement.
On the upside, 100.00 is the nearest bullish target. Meanwhile, further weakness could bring the index down to test 97.50 support level.
EUR/USD
EUR/USD closed below the 1.1000 support level last week. The pair tested the 1.09000 level and currently bounce from it. We might see the pair stick near the 1.1000 level until the Fed FOMC meeting announcement. Traders will wait for the reaction after the Fed announcement and the closing level of the week to determine EUR/USD’s next direction.
Today critical levels to watch:
Support: 1.1000, 1.0900, 1.0800
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD continue its bearish movement and reached the 1.3000 support level. The pair might stick near the level until the Fed FOMC meeting this week. If the pair could bounce from the level then traders will wait near the 1.3250 resistance level for a chance to enter short positions.
Today Critical level to watch:
Support: 1.3125, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY breakout and close higher above 115.90 with strong bullish momentum. The pair extended its bullish movement this week and is set to continue the long-term bullish trend. Traders will wait for a bearish correction near the 115.90 level for a chance to enter long positions. Meanwhile, traders who have long positions will continue to hold the position with a stop below 114.50.
Today critical levels to watch:
Support: 115.00, 114.50, 113.00, 112.00
Resistance: 115.90
AUD/USD
AUD/USD failed to close above the daily SMA 200 last week. The pair is currently under bearish pressure and resuming the bearish movement below daily SMA 200. If the pair continues further lower then it could target the 0.7160 support level. If the pair could close the week above 0.7160 then there is a chance of bullish continuation toward 0.7450 – 0.7500.
Today critical levels to watch:
Support: 0.7330, 0.7300
Resistance: 0.7450, 0.7500