USDX (USD Index)
U.S. Dollar Index moved lower following the FOMC meeting; however, the index remains positioned above the previous candlestick low. If price action turns upward again, we could expect a continuation toward the 103.00 – 103.74 target area. On any deeper pullback, the 101.79 level continues to act as key technical support.
EUR/USD
EUR/USD bounced off the 1.1120 support level and is currently moving higher toward 1.1185. This upward push could prove to be a temporary relief bounce before a eventual downward continuation occurs. Traders will continue to maintain a broad bearish outlook on the pair for the time being.
Today’s critical levels to watch:
Support: 1.1185, 1.1120
Resistance: 1.1300, 1.1360, 1.1500, 1.1580, 1.1710, 1.1820
GBP/USD
After showing initial reactions at the 1.3300 – 1.3330 area, GBP/USD printed a new lower low, indicating that sellers maintain immediate control. For now, if the pair attempts a minor upward recovery, the broken 1.3300 – 1.3330 zone will act as overhead resistance. Otherwise, failure to build bullish momentum keeps the focus on a retest of lower support levels.
Today’s critical levels to watch:
Support: 1.3330, 1.3300, 1.3250
Resistance: 1.3450, 1.3600
USD/JPY
USD/JPY traded upward toward the daily SMA 200 before retracing back down to its session opening level. We maintain a overall bearish outlook on the pair and will wait for further structural confirmation. A firm rejection at moving average resistance would signal a potential resumption of the downward trend.
Today’s critical levels to watch:
Support: 155.50, 154.00, 150.00
Resistance: 158.89
AUD/USD
Today’s critical levels to watch:
Support: 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7160, 0.7300, 00.7330