USDX (USD Index)

U.S dollar index printed another bullish close and also print a new higher swing high. The bullish trend of the index seems will continue. However, traders will observe the announcement from the Fed on interest-rate this week. If the index made a bearish correction then traders could use the 103.82 level as a place to enter long positions.

On the other hand, the index could continue upward to target the 109.77 resistance levels.

EUR/USD

EUR/USD made another bearish close and got near the previous swing low. The pair is expected to move lower and test the 1.03390 support level. Traders will wait for the reaction after the Fed interest-rate decision. If the pair print a new lower low then the bearish trend is set to continue. It is better to wait for a bullish correction to enter short positions near resistance levels.

Today’s critical levels to watch:

Support: 1.0339, 1.0000

Resistance: 1.0650, 1.0800, 1.0900

GBP/USD

GBP/USD pushed lower and print a new lower low on the chart. The pair also trading near the 1.2000 support level now. Under the current situation, traders will wait for a bullish correction for a chance to enter short positions near resistance levels. We think shorting at the current level is low odds as it is shorting near the support level.

Support: 1.2000

Resistance: 1.2100, 1.2200, 1.2400

USD/JPY

USD/JPY hanging near the top and trading sideways. Not much movement from the pair but the bullish trend is expected to continue. If the pair start a bearish correction then traders could use the level near 131.28 as a place to enter long positions. Short positions are not suggested as the pair is in a bullish trend.

Today’s critical levels to watch:

Support: 131.28, 130.00, 126.00

Resistance: 135.00, 135.19

AUD/USD

AUD/USD traded lower and closed below the 0.7000 support level. The direction of the pair is bearish and it is set to target a new lower low on the chart. As long as the pair print lower low and lower high, traders could stick with short positions. On the upside, a close above the daily SMA 200 will cancel the current bearish outlook.

Today critical levels to watch:

Support: 0.7000, 0.6820, 0.6750

Resistance: 0.7160, 0.7300