USDX (USD Index)

U.S dollar index pushed lower after the Fed FOMC meeting yesterday but it managed to recover most of the losses. There was a bullish attempt in today’s trading session but the index immediately turned lower again. If the index continues the bearish movement then we will see it sitting near the 100.00 handle soon. Traders will maintain a bearish outlook on the index as the Fed has started cutting interest rates. Moreover, the cut is 50 bps or deeper than expected.

EUR/USD

EUR/USD has been whipsawing up and down since yesterday, but at the end of the day, the pair is gaining. If the pair continues the bullish movement, then we will see a breakout above 1.1185 this week and a continuation of the bullish trend in the upcoming week. As the trend has been confirmed bullish after the Fed FOMC meeting, traders who have held long positions since the retest of 1.1000 will continue to hold the positions now.

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 breakout above the 1.3250 resistance level and will attempt to close the day above the level. We have a new higher high which confirms the continuation of the bullish trend. Whenever the pair started a bearish correction, traders could continue to add more long positions at a lower level. If the bullish movement continues then 1.3250 will become a major support level to watch when a bearish correction happens.

Today’s critical levels to watch:

Support: 1.3125, 1.3050, 1.3000

Resistance: 1.3250

USD/JPY

USD/JPY bounced from the 141.00 level and moved toward the 145.00 resistance level. However, the pair lost the bullish pressure and relinquished most of its gain today. It seems the pair will close near the previous day’s high or the opening level. Will the pair immediately resume the bearish trend and print a new lower low? Alternatively, will it continue the bullish correction toward 145.00 before continuing the bearish trend?

Today’s critical levels to watch:

Support: 142.00, 141.00

Resistance: 145.00, 147.00, 150.00, 155.00

AUD/USD

AUD/USD bounced from the 0.6750 level with strong bullish momentum today, and the pair is currently testing the 0.6820 resistance level. We might see a breakout and close above the 0.6820 level soon to confirm the continuation of the bullish trend. Meanwhile, traders will continue maintaining a bullish outlook and using 0.6750 as a place to add more long positions.

Today’s critical levels to watch:

Support: 0.6700, 0.6500

Resistance: 0.6750, 0.6820, 0.7000