USDX (USD Index)
94.00 – 94.30 remain the strong area to break since the previous week. U.S dollar index hovering inside the range while waiting for The Fed interest-rate decision. The index might continue inside the range until tomorrow FOMC meeting. No clue on the breakout direction, traders could wait for sideline and digest the meeting result before deciding position to take.
News to watch
10.00 AM U.S CB Consumer Confidence, forecast reading of 132.2
For full outlook for this week, you can follow Forex Outlook For The Week 24 – 28 September 2018
Technical Analysis
EUR/USD
EUR/USD almost touched 1.1820 in the previous trading day before the bear return and brought the pair down to its opening level. Today, the bull make another attempt to move upside. We think even though it looks bullish, the pair could reverse anytime depend on the Fed interest-rate result. Meanwhile, the range expected to hold between 1.1710 – 1.1820.
Today critical level to watch:
Support: 1.1710, 1.1650, 1.1600
Resistance: 1.1820
GBP/USD
GBP/USD rejected from the daily SMA 200 and settle inside 1.3050 – 1.3125 range. The medium-term range span between 1.3050 – 1.3250. There is no much to expect yet at the current time. Traders will wait for the interest-rate decision for next trending movement.
Today critical level to watch:
Support: 1.3125, 1.3100, 1.3000
Resistance: 1.3250,1.3300, 1.3330
USD/JPY
The pair moving smoothly upside above 112.50 and ready to reach 113.20. No change to the current situation, when the level reached, we expect rejection happens. However, a sharp upthrust above 113.20 also possible. We will wait for either breakout or rejection near 113.20.
Today critical level to watch:
Support: 112.50, 112.00, 111.00, 110.50
Resistance: 113.00, 113.20
AUD/USD
AUD/USD descend slowly after the pair reached 0.7300 – 0.7300 area. It might look a rejection happens, however, there is no strong momentum yet. Traders will continue to wait until The Fed announcement to see whether the bearish momentum will accelerate or bullish momentum will replace current bearish movement.
Today critical level to watch:
Support: 0.7160, 0.7100, 0.7000
Resistance: 0.7300, 0.7330