USDX (USD Index)
U.S dollar index maintains the bullish pressure and stay at its high. There is no major bearish reaction yet but we will have the Fed interest-rate decision today. If the index moves lower after today’s event then we might see a bearish correction toward the 103.82 level. On the other hand, if the index continues the upward movement then it will target the 109.77 resistance level.
EUR/USD
EUR/USD stays at the low and under bearish pressure. The pair has not printed a new lower low which means there is a chance of a bullish reversal from the current level. If the pair could move upward and close above 1.0800 then the trend will turn bullish. On the other hand, further weakness below the previous swing low is major bearish confirmation.
Today’s critical levels to watch:
Support: 1.0339, 1.0000
Resistance: 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD closed near the 1.2000 support level and currently trading near the level. The pair might range between 1.2000 – 1.2200 area and traders will wait for further reaction. If the pair start a bullish correction then traders could wait near 1.2500 for a chance to enter short positions. On the lower side, 1.1450 is the next level to watch as a bearish target.
Support: 1.2000
Resistance: 1.2100, 1.2200, 1.2400
USD/JPY
USD/JPY holding out near the high and continue the sideways movement. The pair could continue the bullish trend and target the 2002 high. However, if the pair start a bearish correction then traders could use the 131.28 level for a place to enter long positions. Traders will avoid shorting the pair as the trend is bullish.
Today’s critical levels to watch:
Support: 131.28, 130.00, 126.00
Resistance: 135.00, 135.19
AUD/USD
AUD/USD continues the bearish movement below 0.7000 but no lower swing low printed on the chart yet. The pair will wait for the Fed interest-rate decision today. If the pair continues moving lower and print a new lower low then the bearish trend is set to continue. On the upside, if the pair start a bullish correction, traders could use the 0.7160 as a place to enter short positions.
Today critical levels to watch:
Support: 0.7000, 0.6820, 0.6750
Resistance: 0.7160, 0.7300