USDX (USD Index)
U.S dollar index undergoes bearish correction at the current time with 105 as the target level. However, the bearish pressure receded yesterday and the index made a bullish close. No major movement yet in today’s trading session. The index might consolidate near the current level and wait for next week’s FOMC meeting.
Traders might want to wait for the announcement from the Fed to gauge the market sentiment next.
EUR/USD
EUR/USD bullish correction halted before it could reach the 1.0339 resistance level. The pair attempted to move upward but it fall toward the opening level today. If the pair continues moving lower then it will target the level below parity as we mentioned before. We still see a bearish attempt below parity to wipe clear stop loss order below it.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD could not climb above the 1.2000 – 1.2200 resistance area. The pair stay below the area and there is a bearish reaction today. Will the pair continue the bearish movement to print a new lower low? Alternatively, will it climb above 1.2200 and confirm the start of a new bullish leg?
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY hanging near the top and maintaining the bullish trend. There is no change to the situation yet. At the current time, the pair is trading sideways and might continue moving sideways until the next week’s FOMC meeting. If the pair start a bearish correction then traders will wait near 135.00 – 135.19 for a chance to enter long positions.
Today’s critical levels to watch:
Support: 135.19, 135.00
Resistance:
AUD/USD
AUD/USD climbed above the 0.6820 level but no bullish continuation yet toward the 0.7000 resistance level. On the upside, the pair could target the 0.7000, 0.7160, and the daily SMA 200. However, if the pair falls below 0.6820 again with strong bearish momentum then we might see a bearish continuation.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300