USDX (USD Index)
U.S dollar index under bearish pressure nearing the FOMC meeting this week. If the situation continues, then we might see a bearish breakout and continuation to target a new lower swing low. Traders might want to wait for the announcement of interest-rate by the Fed and the market reactions. If the index turn upward instead, then 100.00 is the major resistance level to watch.
EUR/USD
EUR/USD moving upward but no new higher swing high printed yet. The bullish pressure might be maintained before the FOMC meeting this week. If the pair could extend the upward movement, breakout above 1.1820 then the bullish trend could continue. Otherwise, the pair might continue consolidation between 1.1710 – 1.1820 area.
Today’s critical levels to watch:
Support: 1.1710, 1.1580, 1.1500, 1.1360, 1.1300
Resistance: 1.1820
GBP/USD
GBP/USD pressuring to the upside at the 1.3600 resistance level. The pair might break out from the 1.3450 – 1.3600 area before the FOMC meeting. On the upside, the pair will target the 1.3835 resistance level. It might be better to wait until the actual breakout and close above 1.3600 happen before concluding that the bullish movement will continue.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300, 1.3250, 1.3125, 1.3050, 1.3000
Resistance: 1.3600, 1.3800, 1.4000
USD/JPY
USD/JPY sideways situation continue without change yet. The ranging movement has lasted for 1.5 month and a breakout might happen soon. Traders will wait for either a close below the current swing low or above 150.00 to confirm the next direction. We favor a bearish breakout, but might need to wait until the Fed FOMC meeting announcement to confirm.
Today’s critical levels to watch:
Support: 145.00, 142.00,
Resistance: 149.20, 150.00, 151.00
AUD/USD
AUD/USD extended the bullish movement toward the 0.6700 – 0.6750 area. The pair keep printing new higher high and soon might reach the target area. If the pair got rejected from the top of broadening pattern or the 0.6700 – 0.6750 area, then traders will wait for bearish correction. The previous swing high at 0.6571 could become the level to watch for bounce reactions.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700