Forex Technical Major Pairs analysis December 7, 2018

USDX (USD Index)

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U.S dollar index headed lower on the last day of this trading week. Job data came out worse than expected and might derail The Fed interest-rate hike plan. 96.70 is the support level to watch. If the index could return above the triangle pattern and close above 97.50 then we could expect the rally to continue.

Next week, traders could expect weakness to cloud the index. The weakness might continue until The Fed interest-rate decision on 19th December.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 3 – 7 December 2018

Technical Analysis

EUR/USD

The pair bounced from 1.1300 – 1.1360 support area and looks will close the week near weekly high. Next week, traders will watch the pair reaction near black trendline. If there is a breakout above the trendline then we will see EUR/USD start moving higher 1.1500.

Today critical level to watch:

Support: 1.1360, 1.1300, 1.1200, 1.1120

Resistance: 1.1500, 1.1580

GBP/USD

Not much change seen in GBP/USD, the pair trading back and forth 1.2800 resistance. It is expected to continue moving sideways until Brexit result out. At the moment it is better to continue sideways on the pair.

 Today Critical level to watch:

Support: 1.2625

Resistance: 1.2800, 1.3000, 1.3050, 1.3125

USD/JPY

The pair mostly sideways inside the triangle pattern on its daily chart. However, there is strong bearish pressure yesterday from 113.20 which almost ended in a close below 112.50. Fortunately, the bull manages to hold out and it means the situation still neutral. As long as there is no close below 112.50 then USD/JPY still has the opportunity to test 113.20 again.

Today critical level to watch:

Support: 112.50, 112.00

Resistance: 113.00, 113.20, 114.50, 115.00

AUD/USD

U.S dollar index retreated but AUD suffers selling today. The flaring tension between U.S-China after Huawei CFO arrest brought the market to the conclusion that there will not be an end to the trade war yet. AUD/USD could move lower and test 0.7160. It is better to stay sideline for now and wait for bullish close before jumping in long positions.

Today critical level to watch:

Support: 0.7200, 0.7160

Resistance: 0.7300, 0.7330, 0.7400

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