Forex Technical Major Pairs analysis December 06, 2019

USDX (USD Index)

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The index has given up on SMA 200 and 97.50 support level yesterday. But, in today’s trading session the bull stage rally which has surpassed 97.50. It is currently testing SMA 200 and looking for a close above it. If the index could close above the averages by the end of the day then next week we might see a bullish rally.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 02 – 06 December 2019

EUR/USD

EUR/USD starts moving lower today after stronger than expected U.S non-farm employment data. The pair has moved below the previous day low and might close the day as a bearish engulfing pattern. A bearish engulfing pattern close will become the foundation of a bearish correction next week.

At the current time, traders will observe the pair closing level.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD continues upward after the breakout above 1.3000 and it closes above 1.3125 yesterday. The pair has more room upward to 1.3250. Today, the pair started moving lower and test 1.3125. If it could maintain the position near the level then there is a chance for further upside next week.

Today Critical level to watch:

Support: 1.3000, 1.2800, 1.2625

Resistance: 1.3125, 1.3250

USD/JPY

USD/JPY stick near SMA 200 and attempting to recover its losses this week. If the pair could close above SMA 200 and the 109.00 level then we would expect further upside in the coming week.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 109.00, 110.00

AUD/USD

AUD/USD maintain the position above 0.6820 for two days. The pair making an upward attempt today which has surpassed previous day high but losing momentum. At the current time, AUD/USD traded below previous day high and might settle below it. Next week, the pair might continue consolidation near 0.6820 while waiting for a clue in the next direction.

Today critical levels to watch:

Support: 0.6820, 0.6800, 0.6750, 0.6700

Resistance: 0.6900

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