USDX (USD Index)
The U.S. dollar index is still continuing its rise from the point below 100.00. The point 101.50 will already be reached in the near future and traders will be watching for reactions near it. There is a possibility of a bearish reaction in this week’s trading after the announcement of the Fed’s interest rate. If the index starts its bearish movement again and manages to close below 100.00 then traders can continue to maintain short positions. On the upside, if bulls manage to close above the daily SMA 200 then the situation will return to neutral.
EUR/USD
EUR/USD broke down below the 1.1120 – 1.1185 area and is preparing for a decline towards 1.1000. Traders can wait near support points for a bullish reaction and opportunities to add to long positions. As long as the pair doesn’t go down and form a lower swing low point, the bullish trend can still continue. The next bullish target is the 1.1300 – 1.1360 area.
Today’s critical levels to watch:
Support: 1.1000
Resistance: 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD has reached 1.2800 and will be waiting for further reaction. It is estimated that the pair will move flat near that point while waiting for a reaction after the announcement of the Fed’s interest rate. If the pair can bounce up strongly then the bullish trend can continue. Traders can start accumulating long positions between 1.2625 – 1.2800 with a target of 1.3250.
Today’s critical levels to watch:
Support: 1.2800, 1.2625, 1.2200
Resistance: 1.3000, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY managed to make a close above 141.00 and will now try to maintain the bullish pressure to go up and form a higher swing high point. This week’s trading will be the key to the pair’s long-term direction. If the pair actually moves down and forms a lower swing low point then a bearish trend can start. Conversely, the success of the pair to rise and form a higher swing high point will be a bullish confirmation.
Today’s critical levels to watch:
Support: 140.00, 139.30, 137.70, 133.00
Resistance: 141.00, 145.00, 147.00
AUD/USD
AUD/USD hit the daily SMA 200 and gave a bullish reaction today. The pair will try to stay near the daily SMA 200 point until the announcement of interest rates by the Fed. Traders can now start adding long positions near that point with stop orders below the previous swing low. The bullish trend in the pair will be confirmed when the pair can form a higher swing high point.
Today’s critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000