USDX (USD Index)

U.S dollar index made another bullish attempt today, surpassing Friday’s high, and will target the 102.00 level. As mentioned, the index is in a bullish correction phase before next week’s FOMC meeting. Traders will stay cautious and monitor the index movement for now. We think the index might stick near 102.00 nearing the FOMC meeting and consolidating near it. If the index gets rejected with strong bearish pressure, traders will expect a continuation of a bearish trend. On the upside, if the 102.00 level is broken after the FOMC meeting then there is a chance of continuation toward the daily SMA 200.

EUR/USD

EUR/USD continues the bearish movement after rejection from the 1.1120 resistance level. The pair is on the path lower to test the 1.1000 support level. Traders could wait near the support level for bullish reactions. When the pair formed a major bullish reaction, traders could enter long positions targeting a new higher swing high. We think the pair might continue under bearish pressure nearing the Fed’s FOMC meeting next week.

Today’s critical levels to watch:

Support: 1.1000, 1.0900, 1.0800

Resistance: 1.1120, 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD extended the bearish movement today and printed a lower low. It is set to continue the bearish movement toward the 1.3000 – 1.3050 area where traders will expect a bullish reaction. When there is strong bullish reactions, traders could enter long positions targeting a new higher swing high. However, if the pair continues below 1.3000 then the bearish correction could extend toward 1.2800 and daily SMA 200. Nevertheless, it is a chance for traders to add more long positions at a lower level.

Today’s critical levels to watch:

Support: 1.3125, 1.3050, 1.3000

Resistance: 1.3250

USD/JPY

USD/JPY made a bullish attempt today but immediately lost its bullish pressure. The pair is slightly lower but maintains the positions above the opening level. Will the pair immediately continue the bearish movement toward 141.00, 139.30, and 137.70? Alternatively, will it move toward 145.00 and retest it before further bearish movement?

Today’s critical levels to watch:

Support: 142.00, 141.00

Resistance: 145.00, 147.00, 150.00, 155.00

AUD/USD

AUD/USD closed below the 0.6700 support level and might extend the bearish movement toward the daily SMA 200. The pair is in the bearish correction phase and it seems not completed yet. Traders will continue waiting near the support level for bullish reactions. When there are bullish reactions, traders could enter long positions targeting a new higher swing high.

Today’s critical levels to watch:

Support: 0.6700, 0.6500

Resistance: 0.6750, 0.6820, 0.7000