USDX (USD Index)
Back and forth between 93.00 – 94.00 is what happen on U.S dollar index daily chart as expected. The index fell before it reaches 94.00 and finds support again at 93.00. Currently, it is moving up, and looks will touch 94.00. Will the index break higher on anticipation of Yellen speech today?
News to watch
07.30 PM Fed Chair Yellen Speak
For full outlook for this week, you can follow Forex Outlook For The Week 16 – 20 Oct 2017
Technical Analysis
EUR/USD
EUR/USD bullish reversal continue as the pair bounce from the level near 1.1710 support. The bounce brought the pair near its down trendline. On Friday, the pair slips back below 1.1820 and continue the consolidation move between 1.1710 – 1.1820 or the trendline.
Today critical level to watch:
Support: 1.1710, 1.1650
Resistance: 1.1820, 1.1900, 1.1920, 1.2000
GBP/USD
GBP/USD is on the path lower following the rejection from 1.3250. The nearest support is 1.3000 and daily SMA 200. Traders could look for long position when the selling pressure diminish, and there is bullish pattern near the support level. Otherwise, a break and re-test of daily SMA 200 could produce an opportunity for a short position.
Today critical level to watch:
Support: 1.3000
Resistance: 1.3250, 1.3300, 1.3342
USD/JPY
USD/JPY could not escape imminent breakout above 113.20 as the bull continuously pressuring the resistance level. The resistance looks will break today, and the pair could move toward 114.50 long-term targets. Although the odds are high, there is the possibility of abrupt reversal which means buying at the current level is not suggested.
Today critical level to watch:
Support: 112.50, 112.00, 111.60, 111.00, 110.50
Resistance: 113.20, 114.50
AUD/USD
No change to the trading map on AUD/USD chart as the pair trapped inside 0.7800 – 0.7875 area. The bear has taken the control today and might lead the pair lower to 0.7800 before any reversal.
Today critical level to watch:
Support: 0.7800, 0.7750, 0.7690
Resistance: 0.7875, 0.7900, 0.7970, 0.8000