USDX (USD Index)
U.S dollar index sideways situation continue before the FOMC meeting. We might see some movement after the meeting today. Will the index resume the bearish trend and reach new swing low? Alternatively, will it climb above 100.00 and cancel the current bearish situation? Traders will monitor closely the result today and the market reactions after that.
EUR/USD
EUR/USD stay inside the 1.1580 – 1.1710 area as traders preparing for the Fed FOMC meeting. If the pair resumes the bullish trend, we might see a breakout and close above 1.1710 on the weekly time frame. As we mentioned before, we maintain a bullish outlook but will closely monitor the FOMC meeting and reactions after that.
Today’s critical levels to watch:
Support: 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1710, 1.1820
GBP/USD
GBP/USD breakout below the 1.3250 and daily SMA 200 which is unexpected. It seems the underlying issue mostly come from GBP weakness as other major pairs mostly sideways. If the pair could not return and close above both level at the end of the day, then there is chance of bearish continuation. On the lower side, the 1.3125 will become the invalidation level for the current bullish outlook.
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 to maintain the position above 151.64 level. If the pair resume the bullish trend, then the 155.04 level is the next bullish target to watch. On the lower side, a breakout and close below 150.00 could become the bearish signal confirmation. Under current situation, traders will stick with bullish outlook and avoid shorting the pair.
Today’s critical levels to watch:
Support: 151.00, 150.00, 149.20, 145.00, 142.00,
Resistance: 153.00
AUD/USD
AUD/USD keep gaining after the pair start bullish leg from the 0.6500 level. It seems the pair will test the previous swing high and attempt to breakout higher. On the lower side, the green box area will continue to stay as support area to watch. Traders could use the area to accumulate long positions.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700