USDX (USD Index)
U.S dollar index hanging near the high before this week’s FOMC meeting. It might continue to maintain bullish pressure until the interest-rate announcement. Traders will monitor the index movement after the interest-rate announcement. If the index prints a higher high then the bullish movement might continue. On the other hand, a major bearish close could trigger a bearish reversal.
EUR/USD
EUR/USD stick near the parity level and might maintain its position near the level for now. No indication of where the pair will move next. If the pair starts moving upward then the previous swing high and 1.0339 are the resistance levels to watch. We might see further weakness to sweep stop order below parity level before the start of bullish reversal.
Today’s critical levels to watch:
Support: 1.0000
Resistance: 1.0339
GBP/USD
GBP/USD extends the bearish movement and not showing any sign of bullish reversal. Traders will stick with a bearish scenario for now and await a bullish correction toward the resistance level. When the pair start a bullish reversal, traders will wait near the resistance level for a chance to enter short positions.
Today’s critical levels to watch:
Support: 1.1450
Resistance: 1.2000, 1.2100, 1.2200
USD/JPY
USD/JPY is mostly sideways near the top and might stall until this week’s FOMC meeting. Traders will continue waiting for a bearish reversal to enter long positions at a lower level. As long as the pair continue printing a new higher high and higher low, traders better avoid entering short positions.
Today’s critical levels to watch:
Support: 140.00, 139.30, 135.19, 135.00
Resistance:
AUD/USD
AUD/USD managed to maintain the close above 0.6700 despite the bearish pressure. At the current time, the pair is under bearish pressure and will attempt to close below the 0.6700 level. Traders will monitor closely the pair reactions this week after the FOMC meeting. A major bullish reversal might become an opportunity for traders to enter long positions.
Today’s critical levels to watch:
Support: 0.6750, 0.6700
Resistance: 0.6820, 0.7000, 0.7160, 0.7300