USDX (USD Index)
U.S dollar index shows a bearish sign and falls below the daily SMA 200 today. It happened before the U.S. election which could be a temporary movement only. However, if the index turns lower sharply after the election results are announced then the bearish trend could start. Currently, it is better to stay sideline and observe the index reactions. Aside from the election, all eyes will focus on the FOMC meeting which commences from 6-7 November.
EUR/USD
EUR/USD launched upward above the daily SMA 200 and 1.0900 level today. The pair’s bullish movement happened before the U.S. election results which means not a strong confirmation. If the pair reversed lower and moved down with strong bearish momentum then the bearish trend might continue. At the current time, traders will monitor the pair movement near 1.0900 and the daily SMA 200.
Today’s critical levels to watch:
Support: 1.0800, 1.0650
Resistance: 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360
GBP/USD
GBP/USD bounced from the daily SMA 200 and tested the 1.3000 level today. The pair has not left the daily SMA 200 – 1.3000 range but developed a bullish indication. If the pair breaks and closes above 1.3000 after the U.S. election results then we might see further upward movement. Will the pair start a new bullish leg to target a new higher swing high?
Today’s critical levels to watch:
Support: 1.2800
Resistance: 1.3000, 1.3050, 1.3250, 1.3300, 1.3450
USD/JPY
USD/JPY is under bearish pressure but maintains its position near the daily SMA 200 and 151.80. No strong sign of the next direction of the pair. A consolidation might continue near the current level and traders will observe the pair reactions. Will the pair turn lower and resume the bearish trend? Alternatively, will it extend the bullish movement and cancel all bearish scenarios?
Today’s critical levels to watch:
Support: 151.80, 150.00, 147.00, 145.00, 142.00, 141.00
Resistance: 155.00
AUD/USD
AUD/USD turned upward and almost reached the daily SMA 200. The pair make a bearish pullback and might return to its opening level. No change to the outlook of the pair yet which trades below the daily SMA 200 and might resume the bearish movement to print a new lower swing low. If the pair could close above the daily SMA 200 on the weekly chart then there is a chance of a bullish reversal.
Today’s critical levels to watch:
Support: 0.6700, 0.6500
Resistance: 0.6750, 0.6820, 0.7000