USDX (USD Index)
The pause may happen in U.S dollar index advanced today as the market ready for FOMC meeting minutes. The upward scenario in the index still intact and will drive the price higher toward 102 resistance. FOMC meeting minutes might reaffirm the Fed outlook to raise interest rate three times this year.
News to watch
04.30 AM UK Second Estimate GDP, consensus 0.6% increase quarterly
02.00 PM U.S FOMC Meeting Minutes
07.30 PM, Australia Private Capital Expenditure, estimate 0.4% decrease quarterly
For full outlook for this week, you can follow Forex Outlook For The Week 20 – 24 February 2017
Technical Analysis
EUR/USD
Momentum bar formed in EUR/USD daily chart, the long bearish bar initiated from above 1.0590 support and fall near 1.0513 support level. It looks like the support level will be broken today after FOMC meeting minutes.
Today critical level to watch:
Support: 1.0513, 1.0500
Resistance: 1.0562, 1.0590, 1.0640, 1.0710, 1.0800
GBP/USD
The first close outside of triangle formation put GBP/USD near the 1.2500 handle once again. The price looks hesitant to move higher than the resistance level. The FOMC meeting minutes might become trigger either for break upside or downward rejection of 1.2500.
Today critical level to watch:
Support: 1.2480, 1.2400, 1.2380, 1.2333
Resistance: 1.2500, 1.2550, 1.2670, 1.2800
USD/JPY
USD/JPY sat right near the top of the channel and aligned with other pairs which stay near the major resistance before FOMC meeting minutes. It could either break upside of the channel or continue moving inside it.
Today critical level to watch:
Support: 112.87, 112.56, 112.00, 111.62, 110.50
Resistance: 114.00, 115.90, 117.52
AUD/USD
Initially, close below the 0.7660 support level, AUD/USD recovered with only two candlesticks above the support level. The reversal of AUD/USD might need more confirmation as the price still moving inside the big bearish candle range.
Today critical level to watch:
Support: 0.7660, 0.7590, 0.7550, 0.7523
Resistance: 0.7688, 0.7748