USDX (USD Index)
The bullish trend of the U.S. dollar index has not been broken so far but there seems to be a slight bearish reaction. If the index starts a decline from this point then the area in the range of 104.00 – 105.00 will be of particular interest to traders. The Fed’s interest rate decision in November will provide further insight into the direction of the index movement. For the time being, the situation is still bullish so traders will still avoid short positions on the US dollar.
EUR/USD
EUR/USD fell below 1.0650 and reached 1.0500. The pair bounced off 1.0500 and almost reached 1.0650. However, currently, the pair appears to be under bearish pressure and has the opportunity to fall towards 1.0500 again. Traders will wait for a strong bullish reaction and a close above 1.0650 for initial bullish confirmation. As long as the pair continues to form lower swing highs and lower swing lows, the trend is still bearish.
Today’s critical levels to watch:
Support: 1.0500
Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD is now in the 1.2000 – 1.2200 area. A close outside this area will confirm the direction of the next movement. The pair requires the formation of a higher swing low point for initial confirmation of a bullish reversal. If the upward movement starts from the current point then a higher swing low point is expected to form near 1.2200.
Today’s critical levels to watch:
Support: 1.2200
Resistance: 1.2625, 1.2800, 1.3000, 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY is still moving up and will soon reach the resistance point of 150.00. The pair situation is still bullish and there is no strong confirmation of a bearish reversal. If there is a decline then it is a bearish correction which has a chance of a bounce to continue the bullish trend. A decline and close below 145.00 would be a strong bearish confirmation.
Today’s critical levels to watch:
Support: 147.00, 145.00, 141.00
Resistance: 150.00
AUD/USD
AUD/USD rose and tested the 0.6500 level and experienced another bearish bounce. There is no bullish confirmation above 0.6500 so there is a chance of further decline. If the pair moves down and forms a lower swing low point then the bearish trend will continue. As long as there is no close above 0.6500, traders will continue to prepare for a bearish scenario.
Today’s critical levels to watch:
Support:
Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000