USDX (USD Index)
The downward movement of the U.S dollar index brought the index to close at the daily SMA 200. It is bearish but as long as there is no breakout below SMA 200 and 97.50 we could assume the index will attempt to bounce. No confirmation yet at the current time, traders will wait for a further reaction from the market.
News to watch
08.15 AM U.S ADP Non-Farm Employment Change, forecast 137k
11.00 AM U.S ISM Non-Manufacturing PMI, forecast 54.5
For full outlook for this week, you can follow Forex Outlook For The Week 02 – 06 December 2019
EUR/USD
EUR/USD stalled after the bounce from 1.1000 support level. The pair might extend its upward movement toward 1.1120 resistance. Today ADP non-farm employment data might become the trigger for EUR/USD next movement. There is more room toward the 1.1120 resistance and SMA 200.
today critical levels to watch:
Support: 1.1000, 1.0900
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD breakout above 1.3000 and concluded the consolidation between 1.2800 – 1.3000. The pair make strong bullish thrust above the resistance and no stop to the upward movement yet. If the pair moves lower then traders could look for long positions near 1.3000.
Today Critical level to watch:
Support: 1.3000, 1.2800, 1.2625
Resistance: 1.3125, 1.3250
USD/JPY
USD/JPY bull is in trouble as the pair make lower close below SMA 200. The bearish pressure might continue and the pair trade further lower. On the lower side, there is a bullish trendline which might become the support to watch. At the current time, traders will wait for further reaction near SMA 200.
Today critical levels to watch:
Support: 107.40, 107.00
Resistance: 109.00, 110.00
AUD/USD
AUD/USD secured a bullish close above 0.6820 and today the pair make price correction. The correction tested the broken 0.6820 level and bounce from it. If AUD/USD could extend its bullish movement then we will expect the pair to test daily SMA 200.
Today critical levels to watch:
Support: 0.6820, 0.6800, 0.6750, 0.6700
Resistance: 0.6900