USDX (USD Index)
U.S dollar index stays at backfoot after the close below 94.00. The index experienced selling today after it could not close above 94.00 in the previous day. Will the selling pressure continue until the end of the week and lead the index closed in the lower range of 93.00 – 94.00?
News to watch
08.30 AM U.S Building Permits, estimated annualized 1.25 million permits issued.
For full outlook for this week, you can follow Forex Outlook For The Week 13 – 17 Nov 2017
Technical Analysis
EUR/USD
EUR/USD consolidates just below 1.1820, and the bull makes another test of resistance today. The pair has bullish interest since the start of the day and might close the day above 1.1820. It is an important moment for the bull and traders will observe the price close today.
Today critical level to watch:
Support: 1.1710, 1.1650, 1.1580, 1.1500
Resistance: 1.1820, 1.1850, 1.1925, 1.2000
GBP/USD
GBP/USD bounced from red trendline and launched higher today with black trendline as the target. 1.3250 is the equilibrium which could act as resistance also. GBP/USD could continue its up movement to the black trendline, or start a reversal at the current level.
Today critical level to watch:
Support: 1.3200, 1.3125, 1.3100, 1.3000, 1.2800
Resistance: 1.3250, 1.3300, 1.3342
USD/JPY
The bounce from 112.50 reached 113.20 without trouble Yesterday, and today the pair return lower to test 112.50. The pair expected to continue its sideways movement between 112.50 – 113.20. Traders will watch the pair close at the end of the day, a lower close below 112.50 will trigger selling toward 112.00 and daily SMA 200.
Today critical level to watch:
Support: 112.50, 112.00, 111.60
Resistance: 113.20, 114.50, 115.00
AUD/USD
The selling of AUD/USD has reached first target at 0.7550. The pair could continue lower to test 0.7500 where it is expected to bounce. Traders could look for a long position at the current level and add more position at 0.7500 with stop level below 0.7450.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7690, 0.7750, 0.7800, 0.7875