USDX (USD Index)
U.S dollar index trading sideway before this week’s FOMC meeting. The index is also not far from the 100.00 handle which could be reached after the FOMC meeting. Traders will stay cautious and wait for the index to reach 100.00 before deciding to enter long positions in the U.S. dollar. On the upside, 103.82 might become the resistance level where a bearish reversal happens next.
EUR/USD
EUR/USD is currently trading inside the 1.0800 – 1.1000 area. The pair is expected to continue the bullish movement to print a new higher high and higher low. If the pair start a bearish correction toward 1.0800 or 1.0650 then traders could prepare to enter long positions when the pair form a bullish reaction from the support levels.
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 is mostly sideways and awaiting further bullish pressure. The pair might continue upward toward the 1.2625 and 1.2800 resistance levels. On the other hand, it could start a bearish correction toward the 1.2000 – 1.2200 area and the daily SMA 200 too. Traders will wait for the bearish correction to happen for a chance to enter long positions at a lower level.
Today’s critical levels to watch:
Support: 1.2000, 1.1450
Resistance: 1.2100, 1.2200
USD/JPY
USD/JPY is trading inside the bearish channel and will attempt to break out higher. If the pair manages to breakout higher then it might target the daily SMA 200. On the other side, if the pair moves lower with strong bearish momentum then we might see a continuation inside the bearish channel to target a new lower low.
Today’s critical levels to watch:
Support: 125.00
Resistance: 130.00
AUD/USD
AUD/USD got rejected from the level near 0.7160 and it might start a bearish movement toward the 0.7000 support level. When the pair start a bearish correction, traders will wait near 0.7000 and 0.6820 for a chance to enter long positions. A close above 0.7160 will become a long-term bullish confirmation.
Today’s critical levels to watch:
Support: 0.6750, 0.6700, 0.6500, 0.6000
Resistance: 0.6820, 0.7000