USDX (USD Index)
The U.S dollar index climbed above Monday’s high. However, the index lost its bullish pressure and reverse its direction. At the current time, the index is trading below the opening level. It seems we might see another test on the 90.00 support level. This week the Fed FOMC meeting might become the trigger for the U.S dollar index next movement. We might see a major momentum movement which will give clue on the next medium-long-term direction.
EUR/USD
EUR/USD showed a bearish reaction near the 1.2200 resistance level. But the bearish reaction only lasts for a while and the pair currently trading higher near the resistance level. We think the pair will continue its consolidation between 1.2070 – 1.2200 until the Fed interest-rate announcement.
today critical levels to watch:
Support: 1.2070, 1.2000
Resistance: 1.2200, 1.2300, 1.2500
GBP/USD
GBP/USD sharply higher today and set to surpass the previous week high. As mentioned in the previous analyses, if the pair continues further upward then 1.3835 and 1.4000 will become the upside target. On the other hand, the pair needs to close below 1.3450 to confirm a major bearish reversal.
Today Critical level to watch:
Support: 1.3600, 1.3450, 1.3330, 1.3300
Resistance: 1.3835, 1.4000
USD/JPY
USD/JPY has not decided where it will move next. The pair mostly sideways near the top of the bearish channel. Traders will continue waiting for the pair to either breakout above the top of the channel or print a lower low on the daily chart. As long as there is no breakout above the channel, the trend of USD/JPY will continue to be bearish.
Today critical levels to watch:
Support: 101.50, 101.19
Resistance: 104.00, 105.00, 106.00, 106.70
AUD/USD
AUD/USD maintained the position inside the bullish channel. The pair tested the bottom of the channel and bounce from it today. It is currently testing the 0.7750 resistance level. Similar to the previous analysis, as long as the pair trading inside the channel then the trend will continue to be bullish.
Today critical levels to watch:
Support: 0.7700, 0.7640
Resistance: 0.7750, 0.7800