USDX (USD Index)
The trend of the index is bearish but no bearish continuation yet. We could see the index trading sideway before the next FOMC meeting. It seems the market is playing it safe before the interest-rate announcement. If the index continues the bearish movement then 100.00 is the bearish target to watch. On the upside, 103.82 is the resistance level to watch.
EUR/USD
EUR/USD is limited below the 1.0900 resistance level. There is no breakout and close above the resistance level which means the consolidation between 1.0800 – 1.0900 will continue. Traders will monitor the pair movement between 1.0800 – 1.0900. If the pair start moving lower then 1.0800 and 1.0650 is the support level to watch. On the upside, 1.1000 is the resistance level to watch as the target.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000, 0.9500
Resistance: 1.0800, 1.0900, 1.1000
GBP/USD
GBP/USD made a bearish close yesterday which might confirm further weakness toward the 1.2000 – 1.2200 area. If the pair manage to reach the area or the daily SMA 200 then traders could consider entering long positions on bullish reactions. On the upside, 1.2625 is the bullish target to watch as the target.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY testing the top of the channel and showing a bearish reaction. Traders could use the moment to enter short positions with the expectation of a new lower low. As long as the pair continue printing new lower low and lower high inside the channel then the trend will continue bearish. If the pair could break out and close above the channel then the daily SMA 200 will become an upward target.
Today’s critical levels to watch:
Support: 125.00
Resistance: 130.00
AUD/USD
AUD/USD extends the bullish movement toward the 0.7160 resistance level. As mentioned in the previous analysis, if the pair could close above 0.7160 then the long-term trend will switch from bearish to bullish. Traders will wait for a bearish correction toward 0.7000 to enter long positions.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000