Key levels to eye through the FOMC
EURUSD: The EURUSD has fallen back below the ceiling for December at 1.2174 to 1.2177. That level stalled rallies on December 3, December 4 and again on December 14 before breaking higher today. The price has moved back below that old ceiling over the last few hours. A momentum move back above will have traders tilting back to the upside. On more weakness, a move below the 100 hour moving average at 1.21474 and the 200 hour moving average at 1.21308 would tilt the bias more to the downside.
GBPUSD:The GBPUSD moved above the 2019 high price at 1.35139 and the 2020 high price at 1.35387 earlier today, but has since moved back below the key upside targets. It will take a move above both to tilt the bias more to the upside after the decision. The high for the day at 1.35529 is the next upside target to get to and through. On the downside, the high from Monday at 1.34449 is the next target followed by a trendline cutting across near 1.3400. The 38.2% retracement of the move up from the low last week comes in at 1.33925.
USDJPY: The USDJPY fell below a swing area between 103.64 to 103.713 earlier today on it's way to the low at 103.256. Since then, however, the price has returned back to the swing area with a North American session high at 103.678 - in the middle of the area. Stay below the swing area and the sellers remain in control with the low from Monday at 103.506 as the next level to get to and through. A move above 103.713 would have traders looking back toward the falling 100 hour moving average at 103.882 as the next key level.
USDCHF: The USDCHF has just moved above the 100 hour moving average at 0.88670 and now trades between it and the 200 hour moving average at 0.88819. Those moving averages will define the bias. Move above the 200 hour moving average increases the bullishness. If the price moved back below the 100 hour moving average, sellers will be more in control.
AUDUSD: The AUDUSD stalled the rally today near the high from Monday at 0.75777. That high is the highest since June 2018. The price is currently trading at 0.75627. It will take a move back above that double top to solicit more buying. On th downside the rising 100 hour moving average which was tested twice during yesterday's trade, cuts across at 0.7544 currently. A move below would tilt the intraday trading bias more to the downside. The next target would be added 0.7524 (trendline) and 0.7518. A move below that level would have traders targeting the 200 hour moving average at 0.7490.
