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Key forex and gold levels to watch for today's FOMC interest-rate announcement

The Fed’s much-discussed decision on US interest rates is clearly the main market-moving event today. However, a good understanding of the key technical levels provides a framework for trading major forex and gold. Let’s look at some charts.
AUD/USD: the most important resistance is seen at 7190/7200 today. We are getting overbought in the bear trend so failure to beat strong resistance targets 7160/58, 7135/31 then good support at 7090/86. A break above 7210 targets 7270 then 7320.

EUR/USD: there is good support at 1.1230/25 but a break below targets 1.1200/1.1195 and then good support at 1.1150/45. The first resistance is at 1.1325/30 but a break above this level targets resistance at 1.1385/90 then 1.1470/75.

USD/JPY: there is resistance at 120.85/90 today but a SUSTAINED break higher targets last week’s high at 121.32, then two-week highs at 121.74. Support is at 119.85/80, then 119.40/35, then 119.10.

Gold: strong resistance at 1124/25 is key to direction as we become overbought in the short term. However, be ready to buy a break higher to target 1133/36 and strong resistance at 1140/41. There is support at 1116/1115. A break below this level is more negative and targets 1108/1104.

GBP/USD: there is strong moving average resistance at 1.5525 but a move above this key level meets the next target and resistance at 1.5605/15. There is support at 1.5453/50, then 1.5405/00.

Jason Sen – Technical Analyst & Trader
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The content of this article is the personal opinion of the author and not The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest. Nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced.

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