USDX (USD Index)
U.S dollar index printed another higher high in today’s trading session. However, the index seems losing bullish pressure as it returns near the opening level. If the index moves lower again then we might see a bearish correction toward the 108.00 level. Traders will continue to maintain a bullish outlook nearing the Fed FOMC meeting.
We might see a major reversal after the FOMC meeting which could bring the index into a bearish trend.
EUR/USD
EUR/USD pushed lower today and print a new lower low. Despite the situation, we think there is a more bearish movement for the pair before an actual bullish reversal happens. At the current time, the pair has returned near its opening level. If the pair start moving upward again then the parity level will become the resistance to watch.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339, 1.0650, 1.0800, 1.0900
GBP/USD
GBP/USD continues the bearish movement and reaches the 1.1450 support level target today. The pair might consolidate near the level and wait for further reactions. If the pair bounce from the support level then traders will wait near resistance levels for a chance to add short positions.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY maintain the bullish pressure and managed to print a new higher high. The pair is trading upward and traders will wait for a bearish pullback to enter long positions. On the lower side, 135.50 might become the support level to watch for bullish reactions. Traders might want to continue to avoid short positions for now.
Today’s critical levels to watch:
Support: 135.19, 135.00, 131.47
Resistance: 140.00
AUD/USD
AUD/USD closed below the 0.6820 support level and might attempt to continue the bearish movement to target a new lower low. At the current time, the pair trade near the opening level and might close the day flat. If the pair moves upward and test 0.6820 then traders could enter short positions on bearish reactions.
Today’s critical levels to watch:
Support: 0.6820, 0.6750, 0.6700
Resistance: 0.7000, 0.7160, 0.7300