USDX (USD Index)
U.S dollar index bounce from 93.00 bring the index near 94.00 today. The upward movement seems to slow down and currently hovering lower below the opening level. If the index decides to bounce lower, it will target 93.00 and the trendline. On the other hand, a break above 94.00 will mark new bullish leg of U.S dollar index which could span to next year.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 23 – 27 Oct 2017
Technical Analysis
EUR/USD
EUR/USD down in the previous week and getting near 1.1710 again. The pair expected to move between the blue triangle consolidation before next direction settled. However, current momentum is down which favor for a downside breakout.
Today critical level to watch:
Support: 1.1710, 1.1650
Resistance: 1.1820, 1.1900, 1.1920, 1.2000
GBP/USD
GBP/USD bull is holding out against selling pressure in the previous week and the pair supported by trendline. The current movement might be limited inside the triangle and traders could choose between upside breakout or downside breakout. Wednesday UK GDP data and Thursday ECB interest rate decision might drive the market direction.
Today critical level to watch:
Support: 1.3000
Resistance: 1.3250, 1.3300, 1.3342
USD/JPY
USD/JPY breakthrough the 113.20 resistance level and open higher on Monday. The pair soon will reach 114.50 and test it. There is possible pullback before the pair continues higher and traders could look at 113.20 for the long opportunity.
Today critical level to watch:
Support: 113.20, 112.50, 112.00, 111.60
Resistance: 114.50
AUD/USD
AUD/USD traded between 0.7800 – 0.7875 and expected to continue its sideways movement inside the range. If breakout lower happen, AUD/USD will target 0.7690 – 0.7750 or the daily SMA 200.
Today critical level to watch:
Support: 0.7800, 0.7750, 0.7690
Resistance: 0.7875, 0.7900, 0.7970, 0.8000