Forex Technical Major Pairs analysis December 02, 2019

USDX (USD Index)

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No clue in the next direction of the U.S dollar index yet. The index closed Friday trading session below its opening level but manage to maintain the level above 98.25. This week, the index might continue to stick near 98.25 while waiting for the market reaction.

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 manages to close the week above 1.1000 and avoided a breakout. The pair closed the Friday trading session with an almost bullish engulfing pattern. Today, there is no bullish follow-through by the bull yet. We think the pair will stick near 1.1000 and bounce from it this week.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD slowly higher and getting near 1.3000. There is no change to the outlook yet and traders will continue to follow the previous guideline. Applying ranging strategies is the best decision to take for now.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

Higher high printed on USD/JPY daily chart today. The pair on track higher toward 110.00 resistance. However, the bearish reaction from the resistance showed traders that the bearish traders have not given up yet. As long as there is no major bearish reaction then USD/JPY will reach 110.00 resistance soon.

Today critical levels to watch:

Support: 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

AUD/USD make a bounce today from the channel and surpass Friday high. The pair might continue its bullish correction toward 0.6820. However, there is a chance the pair will reverse and resume its bearish movement toward 0.6750 support level.

At the current time, traders will wait the pair to reach either 0.6750 or 0.6820 to take positions.

Today critical levels to watch:

Support: 0.6750, 0.6700

Resistance: 0.6800, 0.6820, 0.6900

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