USDX (USD Index)
The strengthening of the U.S. dollar index continues ahead of the Fed meeting. It seems that this bullish situation will not change and traders should wait for the results of the Fed meeting for market reaction. If the U.S. dollar index continues its increase and forms a higher swing high point, the bullish trend will not end. Meanwhile, a bearish trend will begin if the index turns around after the Fed meeting, falls below the daily SMA 200, and forms a lower swing low point.
EUR/USD
EUR/USD is on a downward path towards 1.0650 and has not yet seen a bullish reversal. The pair has a big chance of continuing to weaken and traders should avoid long positions for now. If the pair manages to rise and returns above the daily SMA 200 then the situation may turn bullish. Traders will observe the reaction of the pair for now, especially after the Fed meeting this week.
Today’s critical levels to watch:
Support: 1.0800, 1.0650, 1.0500
Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is still in the middle of the 1.2625 – 1.2800 area for now. Consolidation is still ongoing in the pair and traders will continue to wait for movement out of the area to confirm the direction of the next movement. As long as the pair is in the area, traders will continue to use this area for sideway strategies.
Today’s critical levels to watch:
Support: 1.2625, 1.2200, 1.2100, 1.2000
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY continues its rise and will test the high point formed in the previous upward movement. There is no confirmation yet that the bullish trend will continue, but the chances of a movement with great momentum are very high. Where will the pair move next? Traders will wait for the reaction of the pair after the Fed’s interest rate announcement this week.
Today’s critical levels to watch:
Support: 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD made a bullish close and halted the decline that occurred on Friday. However, the bullish closing was not significant compared to the decline that occurred. For now, the direction of movement is still bearish with the daily SMA 200 point as the decline target. If the pair manages to reach the daily SMA 200 point and forms a bullish reaction, traders can consider entering a long position.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6170, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000