USDX (USD Index)
U.S. Dollar Index is moving upward as Treasury yields tick higher, with market participants awaiting this week’s FOMC meeting amid a prevailing rate-hike consensus. Despite the recent upward traction, the index remains range-bound within the body of the long bearish candle printed since August. For now, price action continues to hold above the daily SMA 200 near 98.97 while remaining capped under resistance at 100.00 – 100.15.
EUR/USD
EUR/USD has broken out of its range below 1.1580 and the daily SMA 200. The pair is positioned to extend its downward momentum toward the 1.1500 target level. However, as traders await the upcoming FOMC policy statement, market volatility is expected to pick up across upcoming sessions.
Today’s critical levels to watch:
Support: 1.1500, 1.1360, 1.1300
Resistance: 1.1580, 1.1710, 1.1820, 1.2000, 1.2070
GBP/USD
GBP/USD remains under bearish pressure as price action approaches the 1.3450 support level. A break lower could extend the pair’s downward movement toward a retest of the daily SMA 200. For now, traders will continue to monitor price development within the key 1.3450 – 1.3600 boundary.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250
Resistance: 1.3600
USD/JPY
USD/JPY is continuing its bullish correction, making a fresh short-term higher high without retesting the previously broken swing low. The overall outlook remains bearish, with expectations for the pair to resume its primary downtrend once the current corrective bounce completes.
Today’s critical levels to watch:
Support: 154.00, 150.00
Resistance: 155.50, 158.89
AUD/USD
AUD/USD slipped below 0.7160, sweeping beneath the previous swing low before launching a temporary recovery. Near-term price action is likely to remain anchored near the 0.7160 level as market participants position themselves ahead of the FOMC meeting.
Today’s critical levels to watch:
Support: 0.7160, 0.7000, 0.6820, 0.6750, 0.6700, 0.6600
Resistance: 0.7300, 00.7330