USDX (USD Index)
U.S dollar index pressured to the lower side in the previous day but no breakout below the trendline yet. The index manages to recover today and might set up for another bounce from the trendline. If the index continues upward then we might see another test on 97.50 and possibly breakout higher.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 26 – 30 November 2018
Technical Analysis
EUR/USD
EUR/USD task for today is to stay above 1.1360 by the close of the week to confirm the bullish breakout above 1.1360. Otherwise, the pair could easily fall back inside 1.1300 – 1.1360 range and lower. Traders could prepare for a small long position in anticipation the pair close above it. A short position is best taken near the black trend line.
Today critical level to watch:
Support: 1.1360, 1.1300, 1.1200, 1.1120
Resistance: 1.1500, 1.1580
GBP/USD
No major movement seen yet in GBP/USD, the pair is waiting for Brexit development. At the current time, there are no positions suggested yet. It is better to stay sideline or traders could place a tiny position in the pair.
Today Critical level to watch:
Support: 1.2625
Resistance: 1.2800, 1.3000, 1.3050, 1.3125
USD/JPY
The triangle pattern on USD/JPY still intact and 113.20 has shown bounce reaction. The pair expected to continue its bullish movement and test the top of triangle either today or next week. Meanwhile, the triangle range is where traders could take positions until the breakout happens.
Today critical level to watch:
Support: 113.20, 113.00, 112.50, 112.00
Resistance: 114.50, 115.00
AUD/USD
AUD/USD challenging 0.7300 – 0.7330 area for the second day. The pair looks bullish with the possibility to break upside. However, the bear also resilient, not letting the bull to close above 0.7330. We might see AUD/USD traded back and forth 0.7300 – 0.7330 range today. Will AUD/USD breakout higher and reach SMA 200? Alternatively, will it resume the bearish trend to make new yearly low?
Today critical level to watch:
Support: 0.7300, 0.7200, 0.7160
Resistance: 0.7330