EUR/USD
Today’s trading session started calmly for the single European currency. Neither the bears, nor the bulls manage to take advantage. At the time of writing the analysis, the first major support would be at 1.0115. If the bulls manage to gain a preponderance, they will have to deal with the resistance at 1.0168, with the main obstacle being the level at 1.0271. There is a lot of macroeconomic news today that could cause a strong move in the currency pair, but investors’ eyes will most likely be on the Federal Interest Rate decision news at 18:00 GMT and Powell’s press conference shortly after that, at 18:30 GMT. Given the present levels of inflation, a 1 percent increase should not be ruled out, despite current expectations for a 75 bps hike. Whatever the outcome, volatility will continue to be high and strong moves either direction can be expected.
USD/JPY
With the Ninja, the trading session began ambitiously for the bulls and, at the time of writing the analysis, they are headed for the first key resistance at 138.42. If the bears manage to reverse the first market moves of the day, they would most likely reach support at 136.69. A breach of the aforementioned level would increase the odds for a deeper sell-off towards the psychological support at 136.00.
GBP/USD
Over the last ten days, we are witnessing a consolidation in the range for the Sterling – 1.190 – 1.205. If the bulls succeed in breaking the range, the next resistance in front of them would be at 1.212. If, on the other hand, the bears manage to make a breakthrough, the next key support for them would be at 1.1952.
EUGERMANY40
At the beginning of the trading session for the German index, we witnessed a “high start” for the bulls. EUGERMANY40 started the trading session around 40 points higher. However, their momentum slowed after that. If the bears manage to reverse the market sentiment, they will most likely have to deal with the support at 13095 first and then the support at 12940. If we do not see big moves in the index during today’s trading session, the consolidation will continue between 13095-13350, which we have been observing in recent days. Today, the correlation with the U.S. indices is likely to persist and volatility will increase once the Fed releases its interest rate decision at 18:00 GMT.
US30
The trading session for the U.S. blue chips began without sharp movements. However, it appears unlikely that this will be the case throughout today’s trading session. Strong moves are likely to be triggered by macroeconomic news: Durable Goods Orders (12:30 GMT) and Crude Oil Stocks (14:00 GMT), with the strongest effect probably being the Fed Interest Rate Decision (18:00 GMT). If this news turns out to be positive for the bears, they will face the support at 31640. On the other hand, if the bulls manage to take advantage of the news, they will meet the resistance at 32045.
