USDX (USD Index)
We have a bullish reaction yesterday as the index climb above Monday’s high. However, the index reversed and closed the day lower. It seems traders being cautious before the Fed FOMC meeting result this week. The U.S dollar index might continue to stick near the 90.00 support level for now until the result of the FOMC meeting is released.
EUR/USD
EUR/USD closed higher yesterday and getting near the 1.2200 resistance level again. The pair seems will make another attempt on the resistance and seek a breakout. No breakout from the 1.2070 – 1.2200 area for now. We will wait for a breakout before deciding the pair’s next long-term direction.
today critical levels to watch:
Support: 1.2070, 1.2000
Resistance: 1.2200, 1.2300, 1.2500
GBP/USD
GBP/USD bounced from the 1.3600 support level again and closed the day near the previous week’s high. The pair seems will breakout above the previous week’s high and continue its bullish movement toward 1.3835 and 1.4000. However, traders might want to avoid taking any positions at the current level and keep long positions only.
Today Critical level to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300
Resistance: 1.3835, 1.4000
USD/JPY
USD/JPY continues its sideways movement near the top of the channel. No clue yet on where the pair will move next. If the pair start moving lower and print lower low then we could assume the bearish trend will continue. On the other hand, if the pair jump above the top of the channel with strong bullish momentum then we might see correction toward 105.00 and daily SMA 200.
Today critical levels to watch:
Support: 101.50, 101.19
Resistance: 104.00, 105.00, 106.00, 106.70
AUD/USD
AUD/USD bounced from the bottom of the channel and expected to keep building bullish pressure inside the channel range. There is no reason for traders to enter short positions as the pair maintained the position inside the channel. Traders could enter short positions when there is a major bearish close below the channel range.
Today critical levels to watch:
Support: 0.7700, 0.7640
Resistance: 0.7750, 0.7800