USDX (USD Index)

A rate cut followed by an assurance that there will not be a rate-hike under current inflation means weakness for the U.S dollar. It is as projected and the index currently struggling below the daily SMA 200. If the bearish pressure continues piling up then we could see the index traded near the bottom of the channel soon.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 28 October – 1 November 2019

EUR/USD

EUR/USD successfully returned inside the 1.1120 – 1.1185 range. The pair attempt to add further gain today and almost reach 1.1185 resistance. Above the level, there is daily SMA 200 which should limit the upside. At the current time, traders could wait for a strong bearish reaction to entering short positions near 1.1185.

today critical levels to watch:

Support: 1.1120, 1.1000, 1.0900

Resistance: 1.1185

GBP/USD

No change in the GBP/USD direction yet. The pair comfortably move upward and getting neer 1.3000 resistance. Traders will expect the pair to continue trade between 1.2800 – 1.3000. However, short positions might need to wait until a strong bearish reaction happens at 1.3000.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

A rejection finally happens near 109.00 and the daily SMA 200. USD/JPY on the path lower and there is no reason to take long positions for now. If the bearish pressure continues then we could expect the pair will target 107.00 – 107.40 area.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD breakout above September high and on the path higher. The pair print further higher high today but release part of its gain. Without any change in the direction, AUD/USD should reach daily SMA 200 soon.

Today critical levels to watch:

Support: 0.6800, 0.6750, 0.6700

Resistance: 0.6900