USDX (USD Index)
U.S dollar index is in a bearish trend with 100.00 as a bearish target. The index might trade upward before continuing lower and it is a chance for traders to enter more short positions in the U.S. dollar. Today the Fed FOMC meeting should provide some clue on the next direction of the U.S. dollar index. If the index trading upward then traders will the chance to enter short positions at resistance levels.
EUR/USD
EUR/USD is moving near the 1.1000 level and currently waiting for further development. We think the bullish trend will continue and traders could use each bearish movement as a chance to enter more long positions. On the lower side, 1.0900, 1.0800, and 1.0650 are the levels to watch for a chance to enter long positions.
Today’s critical levels to watch:
Support: 1.0900, 1.0800, 1.0650, 1.0339
Resistance: 1.1000
GBP/USD
GBP/USD traded lower for two days but the pair traded upward again today. On the upside, 1.2625 and 1.2800 are the bullish targets to watch. If the pair continue trading lower then traders could use the 1.2000 – 1.2200 area and the daily SMA 200 as the location to enter more long positions.
Today’s critical levels to watch:
Support: 1.2200, 1.2100, 1.2000, 1.1450
Resistance: 1.2625, 1.2800
USD/JPY
USD/JPY managed to reach the daily SMA 200 which complete the upward target. No higher high is printed on the chart and we have a bearish reaction. The pair currently fall below yesterday’s low and might continue the bearish leg to target a new lower low. However, if the pair start moving upward again and print a new higher high then the trend will turn bullish.
Today’s critical levels to watch:
Support: 133.00, 130.00, 125.00
Resistance: 137.70
AUD/USD
AUD/USD trading upward but limited below the 0.6700 – 0.6750 resistance area. No conclusion yet on the pair’s next direction. If the pair could continue to build more bullish pressure and close above the daily SMA 200 then the bullish trend could continue. On the other hand, if the pair turn lower and print a new lower low then the bearish trend will continue.
Today’s critical levels to watch:
Support: 0.6500, 0.6000
Resistance: 0.6700, 0.6750, 0.6820, 0.7000