Forex Technical Major Pairs Analysis | March 16, 2022

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USDX (USD Index)

U.S dollar index made another close near the 99.40 resistance level. No major movement nearing the Fed FOMC meeting today. At the current time, the index is under bearish pressure but no movement below yesterday’s low. We might see the index consolidating near the current level until the Fed announcement.

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We still think the index will make a bullish breakout and continue the upward movement toward the 100.00 handles.

EUR/USD

EUR/USD sticks near the 1.1000 level and is expected to consolidate near it for now. Traders will wait for further development from the market today after the Fed announcement. If the pair continues moving upward then it could target the 1.1120 – 1.1185 resistance level. On the other hand, if the pair continues lower then it could target 1.0800.

Today critical levels to watch:

Support: 1.1000, 1.0900, 1.0800

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD slightly higher after the test on 1.3000 support level. However, there is no strong upward movement which means the market is in a “Wait & See” stance. If the pair launch upward then it could target the 1.3250 resistance level where traders could consider entering short positions.

Today Critical level to watch:

Support: 1.3000

Resistance: 1.3125, 1.3250, 1.3300, 1.3330

USD/JPY

USD/JPY maintains the bullish pressure after the breakout from the 115.90 resistance level. The pair could continue moving upward as the trend is bullish. If the pair start a bearish correction then traders will wait near the 115.90 level for a chance to reenter long positions.

Today critical levels to watch:

Support: 115.90, 115.00, 114.50

Resistance:

AUD/USD

AUD/USD tested the level near 0.7160 and show a bounce reaction. The pair is slightly higher than yesterday’s high. If the pair continues moving upward then it could target the daily SMA 200 and the 0.7300 – 0.7330 area. On the other hand, a breakout below 0.7160 and the trendline will confirm the continuation of the bearish trend.

Today critical levels to watch:

Support: 0.7160

Resistance: 0.7300, 0.7330, 0.7450, 0.7500

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