USDX (USD Index)

The index managed to climb above 98.25 resistance and closed above it in the previous week. It is a strong bullish confirmation and we expect the index to continue its medium-term bullish trend. At the current time, the index is testing 98.25 support levels and waiting for a bullish reaction.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 11 – 15 November 2019

EUR/USD

EUR/USD getting near 1.1000 support levels and expected to reach it soon. The pair bearish pressure has not receded yet. Traders better avoid taking long positions for now until the pair form a major bullish pattern near the support level.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD closed below 1.2800 and initially confirmed the bearish breakout. However, the pair opened near 1.2800 support level and might close above it by the end of the day. If the pair could close above 1.2800 by the end of the week then we will expect GBP/USD to continue trade between 1.2800 – 1.3000.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY slightly lower today after the pair closed above 109.00 and SMA 200 at the end of the week. The pair currently testing 109.00 and SMA 200 support level. If the pair could maintain the position above both support levels then we could expect further bullish continuation toward 110.00.

Today critical levels to watch:

Support: 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

AUD/USD on the path lower and might reach 0.6820 in the coming days or weeks. Traders might want to avoid long positions for now and take long positions near 0.6820 when there are bullish reactions.

Today critical levels to watch:

Support: 0.6820, 0.6800, 0.6750, 0.6700

Resistance: 0.6900