USDX (USD Index)
The bull continues pressuring U.S dollar index upside and leaving no room for the bear to reverse the direction. 96.70 continue to act as major resistance to overcome and there is no close above it yet. Will the bull close the index above the resistance today or let the bear take control and start a correction?
News to watch
10.00 AM U.S CB Consumer Confidence, forecast reading of 136.3
For full outlook for this week, you can follow Forex Outlook For The Week 29 – 2 November 2018
Technical Analysis
EUR/USD
A bounce is imminent in EUR/USD after the pair continuous close above 1.1360 support level. However, the gravitation pulls the pair strongly downward and no significant bounce happen yet. Currently, the pair is testing the support 1.1300 and traded in a tight daily range. Will the bull manage to make a bounce in the pair?
Today critical level to watch:
Support: 1.1360, 1.1300
Resistance: 1.1500, 1.1580, 1.1600, 1.1710
GBP/USD
The floodgate still open for the bear in GBP/USD as the pair print new fresh low below 1.2800. It seems the bear still not satisfied even the 1.2800 targets already achieved. If the bearish pressure continues mounting in GBP/USD then we might see lower support level at 1.2625 reached.
Today critical level to watch:
Support: 1.2625
Resistance: 1.2800, 1.3000, 1.3050
USD/JPY
A recovery and a close near Friday opening level is a major blowout for the bear in USD/JPY. The pair is back in bullish sentiment and today the bull make a breakthrough above 112.50. There is enough bullish momentum to bring the pair upward and we might see 113.20 reached today.
Today critical level to watch:
Support: 112.50, 112.00, 111.00, 110.50
Resistance: 113.00, 113.20
AUD/USD
The level around 0.7040 holdouts against bear attack and refusing to give up more ground for the bear. It is evident in today AUD/USD movement which attempting to surpass previous day high. There is no higher high printed yet and the pair might stall at the current level. However, we think a bounce toward 0.7160 might happen and traders could look for short position near the resistance.
Today critical level to watch:
Support: 0.7040, 0.7000
Resistance: 0.7100, 0.7160, 0.7300