USDX (USD Index)
There is no breakout from the 92.00 – 93.00 area yet. U.S dollar index continues trading sideline inside the range and waiting for a breakout. It seems traders are waiting for next week’s FOMC meeting result. At the current time, tapering is expected to be announced. However, if the Fed decides to cancel or delay the tapering then we might see major bearish pressure on the U.S dollar index.
EUR/USD
EUR/USD made a bearish close yesterday and might continue moving lower to target 1.1710. We might see the pair continue consolidating between 1.1710 – 1.1820 next week until the result of the FOMC meeting is announced. Traders will wait for a close above 1.1820 or below 1.1710 for next direction confirmation.
Today critical levels to watch:
Support: 1.1710, 1.1580
Resistance: 1.1820, 1.2000, 1.2070
GBP/USD
GBP/USD move lower from the 1.3835 but no major confirmation yet on the next trend. At the current time, the pair is expected to continue trading between the daily SMA 200 and the 1.3835 resistance level. Traders will wait for a close above 1.4000 or below 1.3600 for the next long-term direction.
Today Critical level to watch:
Support: 1.3600
Resistance: 1.3835, 1.4000, 1.4325
USD/JPY
USD/JPY reversed its bearish pressure and returned inside the triangle area. The pair also build more bullish pressure today to test the 110.00 resistance level. At the end of the week, the pair might close near 110.00 or inside the triangle area which means the consolidation will continue into next week.
Today critical levels to watch:
Support: 109.00, 108.00
Resistance: 110.00, 111.00, 112.00
AUD/USD
AUD/USD currently trading at the 0.7300 – 0.7330 area, waiting for a reaction from the support area. If the pair make a bearish breakout then we might see another retest on the 0.7160 support level. On the other hand, if the pair could bounce from the current level then we might expect a retest on 0.7450 – 0.7500 area.
Today critical levels to watch:
Support: 0.7330, 0.7300, 0.7160, 0.7000
Resistance: 0.7450, 0.7500