USDX (USD Index)
The U.S. dollar index is seen moving stronger ahead of the FOMC meeting this week. This bullish movement has the opportunity to continue to make a higher high if the Fed decides that inflation will still increase and cannot lower interest rates. For now, traders will wait for the results of the meeting and also the Fed’s outlook for the future to confirm the direction of the next index.
EUR/USD
EUR/USD is experiencing selling pressure today and has the opportunity to fall towards 1.06500 again. The pair is still in a bearish situation below the daily SMA 200 point and there is no indication of a bullish reversal. If the pair moves down below 1.0650 and also forms a lower swing low point then the bearish trend will continue. Meanwhile, if it closes above the daily SMA 200 and forms a higher swing high point then there will be a change to the bullish trend.
Today’s critical levels to watch:
Support: 1.0650, 1.0500
Resistance: 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD moved up and reached the daily SMA 200 point. The pair experienced a bearish rejection today but remained within yesterday’s movement range. If the pair continues to experience bearish pressure and starts to move down, then the bearish trend could continue. For now, market players will wait for the results of the FOMC announcement this week. Will the pair return above the daily SMA 200 or will it continue its bearish trend?
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY experienced a bearish reaction yesterday but today the pair seems to have started to move up again. Broadly speaking, the trend is still bullish but a bearish correction is likely to occur. Traders will continue to apply buying strategy when a correction occurs to the support point and avoid short positions because the pair could rise sharply as before.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD managed to close above the daily SMA 200 point but today the pair is experiencing very strong bearish pressure. This bearish movement erased the increase that had occurred for 4 days. This bearish movement is thought to have occurred due to the market reaction before the Fed’s announcement this week. If the pair continues to weaken and forms a lower swing low point then the bearish trend will continue immediately. Meanwhile, if the pair manages to return above the daily SMA 200 point then there will be a bullish opportunity.
Today’s critical levels to watch:
Support: 0.6350, 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000