USDX (USD Index)
The U.S. dollar index hovered lower before the FOMC interest-rate announcement. Traders are preparing for a rate cut and are ready to push the index further lower. The direction is bearish, but short-term fluctuation could happen, as the meeting could produce surprise movement. On the upside, a close above 102.00 will open the path toward the daily SMA 200. Meanwhile, a breakout and a close below 100.00 are major bearish confirmations.
EUR/USD
EUR/USD bounced from the 1.1000 level and managed to reach the 1.1120 resistance level. The pair are waiting for the interest-rate announcement and it might trade sideways for now. Traders will wait for the pair’s reactions after the announcement or day close. If the pair resumes the bullish movement and prints a new higher swing high then the bullish trend could continue. Meanwhile, if the pair fell below 1.1000 then we might see a bearish continuation toward daily SMA 200.
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 bounced from 1.3000 and reached the 1.3250 resistance level. The pair is ready to extend the bullish movement to target a new higher swing high. A close above 1.3250 is a major bullish continuation confirmation. Meanwhile, without a breakout, the pair might consolidate between 1.3000 and 1.3250 until the next direction is settled.
Today’s critical levels to watch:
Support: 1.3125, 1.3050, 1.3000
Resistance: 1.3250
USD/JPY
USD/JPY printed a new lower swing low in the latest bearish attempt and currently trading upward. The pair will find a resistance level to bounce and continue the bearish trend. On the upside, 145.00 is the resistance level to watch for bearish reactions. Traders could place short positions near the level with the expectation of a new lower swing low target.
Today’s critical levels to watch:
Support: 142.00, 141.00
Resistance: 145.00, 147.00, 150.00, 155.00
AUD/USD
AUD/USD managed to bounce from the level near daily SMA 200 and the pair is trading above 0.6750 now. The pair will attempt to extend the bullish movement above 0.6820 to print a new higher swing high. We think the bullish trend will continue and traders better hold long positions with a stop near breakout even or near-daily SMA 200.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000