USDX (USD Index)
U.S dollar index stay sideways with no confirmation yet on the next direction. As we mentioned, traders are waiting for this week FOMC meeting. After the announcement, we could expect strong movement in the index, which set the trend. Under current situation, traders will continue to stay sideline.
EUR/USD
EUR/USD contained within 1.1580 – 1.1710 area before the FOMC meeting. The pair consolidation will continue for now and there is no change to the situation. Traders will wait until the pair breakout and close outside the area to confirm the next direction. We maintain bullish outlook in the pair for now, until the pair turn lower and close below 1.139 swing low or the daily SMA 200.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD reached the 1.3300 – 1.3330 area and there is slight bullish reaction. The pair might attempt to launch upward and resume the bullish trend. It also might consolidate between 1.3300 – 1.3450. The same as EUR/USD, traders will wait for close outside the range to confirm the next direction.
Today’s critical levels to watch:
Support: 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3450, 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY continue the climb and has reached the previous swing high. The pair might extend the bullish movement, print new swing high and target 155.04 level. As the overall trend looks bullish, traders will wait for a bearish correction toward the support level to add long positions. On the lower side, 150.00 is the key level to watch.
Today’s critical levels to watch:
Support: 151.00, 150.00, 149.20, 145.00, 142.00,
Resistance: 153.00
AUD/USD
AUD/USD start moving up and return inside the green box area. It seems the consolidation has completed with bullish breakout just before the FOMC meeting. If the pair could extend the upward movement immediately, then it has high chance to resume the bullish trend. However, if the pair turn lower and print a new lower swing low, then the situation could turn bearish.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700