USDX (USD Index)
U.S dollar index continue the bullish movement and reached the previous swing high. Traders are positioning themselves before the Fed interest-rate decision this week. Under the current situation, traders who have long positions in the U.S dollar could continue to hold the positions or secure some profit before the Fed announcement.
We might see some high volatility movement after the Fed announcement.
EUR/USD
EUR/USD resumes the bearish movement below 1.0650 and is set to retest the previous swing low. The only direction is bearish for now and traders will monitor the pair reaction near the swing low. When a bullish correction movement happens, traders could prepare short positions near the resistance level.
Today’s critical levels to watch:
Support: 1.0650, 1.0339, 1.0000
Resistance: 1.0800, 1.0900
GBP/USD
GBP/USD fall with strong bearish momentum and print a new lower low on the chart. The pair currently trading inside the 1.2000 – 1.2200 area and might show some reaction. Traders will avoid long positions until the bearish pressure recede and there is a major bullish reaction happen.
When the pair start a bullish correction, traders could prepare near resistance levels for short positions chance.
Support: 1.2500, 1.2400, 1.2200, 1.2100, 1.2000
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY attempt to continue the bullish movement today. However, the price has retraced from the top and traded below the opening level. No change to the outlook yet, if the pair start a bearish correction then traders could wait near the 131.28 level for a chance to enter long positions.
Today’s critical levels to watch:
Support: 131.28, 130.00, 126.00
Resistance: 135.00, 135.19
AUD/USD
AUD/USD extends the bearish movement below the 0.7000 support level today. The pair is in a full bearish throttle mode and we might see a new lower low printed on the chart. Traders could only wait for a bullish correction for a chance to enter short positions near the resistance level.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160, 0.7300