USDX (USD Index)
U.S dollar index was under bearish pressure yesterday but managed to close the day near the 104.00 level. The index will wait for further reactions from the level now as traders await the Fed FOMC meeting today. If the index could bounce and close above the daily SMA 200 then we might see the start of a new bullish leg. On the other hand, further weakness and a new lower low will confirm a bearish continuation for the medium-long term.
EUR/USD
EUR/USD extend the bullish movement to close near the 1.0650 resistance level. The pair currently trading near the level and will wait for further reactions from it. If the pair get rejected with strong bearish reactions then traders could enter short positions. On the other hand, a close above the level will open the path toward 1.0800, 1.0900, and 1.1000. When the pair start a bearish movement, traders could wait near the daily SMA 200 or 1.0339 for a chance to enter long positions.
Today’s critical levels to watch:
Support: 1.0339, 1.0000, 0.9500
Resistance: 1.0650
GBP/USD
GBP/USD traded upward and print a new higher high above the 1.2200 level. The pair might keep moving upward to target 1.2625 and 1.2800 resistance levels. If the pair start a bearish movement then traders could wait near the 1.2000 – 1.2200 area and the daily SMA 200 for bullish reactions. If the pair closes below 1.2000 then traders will prepare for a bearish continuation to target the parity level again.
Today’s critical levels to watch:
Support: 1.2100, 1.2000, 1.1450, 1.0500, 1.0000
Resistance: 1.2200
USD/JPY
USD/JPY got rejected from the 137.70 resistance level and move lower with moderate bearish momentum. Fortunately, no close below the daily SMA 200 which means no bearish confirmation yet below the level. If the pair could bounce from the average and close above 139.30 then the bullish trend will continue. However, if the pair closes below the daily SMA 200 then the long-term trend will switch from bullish to bearish and traders could prepare for short positions.
Today’s critical levels to watch:
Support: 139.30, 135.19, 135.00
Resistance: 140.00, 145.00, 150.00
AUD/USD
AUD/USD moved upward and reached the level near the daily SMA 200 yesterday. The pair made a bearish attempt but stay above the 0.6820 level today. At the current time, consolidation will happen before the Fed FOMC meeting today. Will the pair continue the upward movement and close above the daily SMA 200? Alternatively, will it get rejected and resume the bearish trend to target a new lower low?
Today’s critical levels to watch:
Support: 0.6500, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000