USDX (USD Index)
U.S dollar index once again under bullish sentiment today after the release of ADP Non-Farm Employment better than expected. Aside from the data, the market is waiting for The Fed announcement on interest-rate which bring back risk-aversion into the market. The index currently up and looks will continue its movement toward 95.50 – 96.30.
However, the upward movement could reverse when The Fed release interest-rate.
News to watch
08.15 AM U.S ADP Non-Farm Employment Change, expectation 202k vs. actual 235k
02.00 PM FOMC Statement
For full outlook for this week, you can follow Forex Outlook For The Week 30 – 3 Nov 2017
Technical Analysis
EUR/USD
The pair move as expected between 1.1580 – 1.1643 before the FOMC rate announcement. It is an ideal place to look for a short position if the market followed through by U.S dollar bull sentiment. If the market decides to bring the pair upward, 1.1710 is the best place to short.
Today critical level to watch:
Support: 1.1580, 1.1500, 1.1360
Resistance: 1.1650, 1.1710, 1.1820
GBP/USD
GBP/USD bullish move should scare the bear as the candlestick closed higher above 1.3250 and aimed higher today. Fortunately, there is no higher high printed yet on the chart and pair reversed to test 1.3250. Traders will observe where GBP/USD close by the end of the day. A lower close below 1.3250 might restart the bearish pressure on the pair.
Today critical level to watch:
Support: 1.3250, 1.3100, 1.3000
Resistance: 1.3300, 1.3342
USD/JPY
USD/JPY confirmed the new floor around 113.20 and launched higher toward 114.50. The pair expected to test 114.50 – 115.00 range today as The Fed announce interest-rate. At the current level, the only reasonable position to look is the short position if 114.50 – 115.00 hold the ground against the bullish attempt.
Today critical level to watch:
Support: 113.20, 112.50, 112.00, 111.60
Resistance: 114.50, 115.00
AUD/USD
No change to the analysis on AUD/USD, the pair broke below daily SMA 200 and looked to add distance below it. Today FOMC meeting might become the trigger for either downward continuation or return above daily SMA 200.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7690, 0.7750, 0.7800, 0.7875