USDX (USD Index)

The U.S. dollar index closed bearish yesterday after a failed bullish attempt. However, there was no further decline in today’s trading and the index is moving up again with quite a strong bullish momentum. Traders are getting ready for the Fed’s meeting in Jackson Hole which will have a big influence on the Fed’s next policy. The movement of the index will have high volatility and traders should wait for the reaction after the announcement of the Fed.

EUR/USD

EUR/USD fell and reached a spot near 1.0800 as well as the daily SMA 200. It can be said that the pair has reached its bearish correction target and will probably start bouncing from there. Currently, the pair is still under bearish pressure and has the opportunity to be traded near these two points until the end of the week. Traders will now be waiting for further reactions after the Fed’s announcement this week.

Today’s critical levels to watch:

Support: 1.0800

Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD is testing the bottom of the 1.2625 – 1.2800 range. The decline occurred in line with the ongoing meeting of the Fed in Jackson Hole. The pair could break down and aim for the daily SMA 200. For now, traders will be waiting for further development of the pair near the support points. When there is a strong bullish reaction it is an opportunity to enter long positions.

Today’s critical levels to watch:

Support: 1.2625, 1.2200

Resistance: 1.2800, 1.3000, 1.3250, 1.3300, 1.3330

USD/JPY

USD/JPY bounced from 145.00 and is now seen moving up. Consolidation between 145.00 – 147.00 will continue for the time being. Traders will wait for the weekly close to get a clearer picture of the pair’s next move direction. Closing outside the 145.00 – 147.00 area after the announcement of the Fed this week can be a confirmation of the next movement direction.

Today’s critical levels to watch:

Support: 145.00, 141.00, 140.00, 139.30, 137.70, 133.00

Resistance: 147.00

AUD/USD

AUD/USD moved towards 0.6500 but experienced a bearish rejection near it. The pair is now under bearish pressure and has almost erased all of yesterday’s gains. If the pair moves down sharply and closes bearish at the end of the week, then the bearish movement in the pair will continue.

Today’s critical levels to watch:

Support:

Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000