USDX (USD Index)

U.S dollar index showing indication of correction after the index closed down Yesterday. Overall, the trend is positive for more appreciation, and there is no move lower than previous day low. Traders could continue monitor while looking for a long position in U.S dollar.

News to watch

10.00 AM U.S CB Consumer Confidence, estimated reading of 121.1

For full outlook for this week, you can follow Forex Outlook For The Week 30 – 3 Nov 2017

Technical Analysis

EUR/USD

The downward movement of EUR/USD stalled near 1.1580 and currently traded between 1.1580 – 1.1643. The trend is down, and traders could use 1.1643 as resistance level to look for a short position. Above this level, 1.1710 is also the best level for short.

Today critical level to watch:

Support: 1.1580, 1.1500, 1.1360

Resistance: 1.1650, 1.1710, 1.1820

GBP/USD

GBP/USD unexpected upward movement closed bullish Yesterday, and the bull pushes the pair further upside today. There is no bullish confirmation yet as the pair stays below 1.3250. The bear could use 1.3250 as resistance level to look for a short position.

Today critical level to watch:

Support: 1.3100, 1.3000

Resistance: 1.3250, 1.3300, 1.3342

USD/JPY

The bullish reaction is shown on USD/JPY daily chart today as the pair bounce from 113.20 support level. The bounce is positive and adjacent to BOJ stance on interest-rate. BOJ decided to keep interest-rate steady and the target for the 10-year government bond yield at zero percent. Overall, USD/JPY expected to continue upside to test 114.50 – 115.00 resistance area.

Today critical level to watch:

Support: 113.20, 112.50, 112.00, 111.60

Resistance: 114.50, 115.00

AUD/USD

The bear back into the market and initiated downward bounce from daily SMA 200 on AUD/USD daily chart. The pair could continue down toward 0.7500 – 0.7550 if bearish momentum accelerates and push AUD/USD below 0.7624 today.

Today critical level to watch:

Support: 0.7550, 0.7500

Resistance: 0.7690, 0.7750, 0.7800, 0.7875