USDX (USD Index)
U.S dollar index holding out from bearish pressure before tomorrow FOMC meeting. The index is expected to continue the bullish trend and target a new higher high. However, if the index continue the bearish movement then it will target the 103.82 support level. Traders will wait for the market reactions after the Fed announcement.
EUR/USD
EUR/USD bullish correction could not reach the 1.0339 resistance level. The pair is trading sideways for a few days below it and is currently under bearish pressure. We think the pair will test the parity level again and break out lower eventually. However, the breakout might end with immediate recovery and indicate the start of a bullish reversal.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USDstick near the 1.2000 – 1.2200 area without major reactions. The pair will consolidate near the area before the FOMC meeting. Traders will monitor the pair closing level after the Fed announcement. If the pair closes above 1.2200 then we have bullish confirmation toward the daily SMA 200. On the other hand, a major bearish reaction from 1.2000 will confirm a bearish continuation.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY starts a bearish correction which might bring the pair down to the test 135.00 level. At the current time, the pair’s bearish pressure has receded and the pair is trading sideways before tomorrow’s FOMC meeting. In the long-term, we still think the pair will add more bullish pressure and print a new higher high.
Today’s critical levels to watch:
Support: 135.19, 135.00
Resistance:
AUD/USD
AUD/USD has not reached the 0.7000 resistance level yet. The pair is currently consolidated near the resistance level and will wait for further reactions. Will the pair breakout and close above 0.7000 to continue the bullish correction? Alternatively, will it turn lower and retest the 0.6820 support level?
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300