USDX (USD Index)
U.S dollar index lost ground and printed a lower low. The index halted its drop today but seems lost bullish pressure. If the index could extend the bearish movement and fall below the previous week’s low then the bearish movement will continue. On the lower side, 105.14 – 106.24 and daily SMA 200 will become the bearish targets to watch.
EUR/USD
EUR/USD pressuring upward at the 1.0500 resistance level. When the pair could close above the resistance level, it will confirm the bullish continuation toward 1.0650. Traders might want to wait until this week the Fed’s FOMC meeting to get confirmation on the pair’s next direction. As mentioned before, a close above 1.0650 might turn the trend bullish for the medium-long term.
Today’s critical levels to watch:
Support: 1.0339, 1.0200, 1.0100, 1.0000
Resistance: 1.0650, 1.0800
GBP/USD
GBP/USD climbed sharply after the bounce from the 1.2000 – 1.2200 area. The pair is getting near the 1.2625 and daily SMA 200 resistance level. The pair might test both levels soon while the Fed’s FOMC meeting is in progress. The reactions after the FOMC meeting might give traders confirmation on the pair’s next direction. If the pair could close above the daily SMA 200, the long-term trend might turn bullish.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY fall with moderate bearish pressure and printed a new lower low. It seems the bears gaining the upper hand and might drive the pair down to test the daily SMA 200. Traders will wait near the daily SMA 200 for reactions. After the Fed’s FOMC meeting, if the pair could bounce from the level then traders will assume that the bullish trend will continue.
Today’s critical levels to watch:
Support: 155.00, 151.80, 150.00
Resistance: 158.00
AUD/USD
AUD/USD is under bearish pressure today but stays inside Friday’s candlestick range. The pair might attempt to extend the bullish movement toward the 0.6350 level to test it. When the pair could close above the level, traders will get bullish continuation confirmation. However, traders better wait until the Fed FOMC meeting conclusion to get better confirmation on the pair’s next direction.
Today’s critical levels to watch:
Support: 0.6250, 0.6000
Resistance: 0.6350, 0.6500, 0.6700