Forex Technical Major Pairs Analysis | October 26, 2021

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USDX (USD Index)

We have a bullish engulfing pattern close yesterday in the U.S dollar index. It seems the index might start a new bullish leg and attempt breakout above 94.00 – 94.30 area. However, there is no bullish follow-through today. The index might also continue its bearish correction toward the 93.00 support level.

EUR/USD

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EUR/USD formed a bearish close yesterday and tested the level near 1.1580. There is no bearish continuation today but the pair traded slightly upward near the opening level. The overall trend might continue to be bearish between 1.1580 – 1.1710. If the pair make a close above 1.1710 then the current bearish trend has a chance to reverse.

Today critical levels to watch:

Support: 1.1580, 1.1500, 1.1360

Resistance: 1.1710, 1.1820, 1.2000, 1.2070

GBP/USD

GBP/USD moving upward with strong bullish momentum and currently testing the 1.3835 resistance level. As long as the pair stay between 1.3835 and daily SMA 200, there is no reason to become bullish yet. Traders will wait for the closing level at the end of the day. If the pair failed to close above 1.3835 then the consolidation between 1.3835 and daily SMA 200 will continue.

Today Critical level to watch:

Support: 1.3600, 1.3450

Resistance: 1.3835, 1.4000

USD/JPY

USD/JPY halted its drop and start moving upward again today. The pair currently trading near the previous day’s high and will attempt extension toward 114.50 resistance level. On the upside, 115.00 is the next target to watch. On the lower side, the pair might attempt bearish correction toward the 112.00 support level where traders could enter long positions.

Today critical levels to watch:

Support: 113.00, 112.00

Resistance: 114.50, 115.00

AUD/USD

AUD/USD stick inside the orange box area and currently moving upward. The pair need a close above the orange box area and the daily SMA 200 to confirm a bullish reversal. Traders will wait for a reaction from both resistances levels to determine the pair’s next direction.

Today critical levels to watch:

Support: 0.7450, 0.7330, 0.7300

Resistance: 0.7500, 0.7550

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