USDX (USD Index)
Bullish pressure was again experienced by the dollar index before the Fed meeting tonight. The movement of the index is still bullish and there is no strong indication of a reversal in direction. If the index can continue its increase and form a higher swing high point then the bullish trend can continue. On the other hand, if there is a decline then the point 103.85 and daily SMA 200 could become targets for decline.
EUR/USD
EUR/USD bounced down from 1.0650 this time without forming a higher swing high point. There is a possibility that the pair will move down further and test the 1.0500 point. Traders will wait for the market reaction after the Fed meeting today. Closing outside the 1.0500 – 1.0650 area will confirm the direction of movement of the next pair.
Today’s critical levels to watch:
Support: 1.0500
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is in the range of 1.2000 – 1.2200 and waiting for further developments. There is a possibility that the pair will move with great momentum after the Fed’s announcement. Traders will wait for the pair near the daily SMA 200 if there is an increase. Meanwhile, if there is a decline and a lower swing low point is formed then the bearish trend will continue.
Today’s critical levels to watch:
Support: 1.2100, 1.2000
Resistance: 1.2200, 1.2625, 1.2800
USD/JPY
USD/JPY broke above 150.00 with quite a strong bullish momentum. This is a strong bullish confirmation for the continuation of the bullish trend. Currently, the pair is moving flat after yesterday’s bullish movement, anticipating the reaction after the Fed meeting. If the pair moves down sharply and closes below 150.00 then the direction of movement may change to bearish again.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD is hovering near 0.6350 for now while waiting for further developments. The pair’s consolidation will still take place and traders can only wait for developments for now. If the increase can continue and the pair manages to close above 0.6500 then the trend may turn bullish.
Today’s critical levels to watch:
Support: 0.6170, 0.6000
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000