USDX (USD Index)
U.S dollar index reached a new yearly high and touch the target 97.50. There is no sign of weakness even though the resistance touched today. It seems the bull still has the fuel to go further upside. Traders will continue to monitor the index movement in several days to determine if the uptrend will continue.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 12 – 16 November 2018
Technical Analysis
EUR/USD
The floor has gone in EUR/USD and the pair is moving down to the next target at 1.1120. Under current momentum, we could expect 1.1300 will act as resistance when the pair makes an upward attempt. Traders could look for short position when the pair show weakness near the broken support 1.1300.
Today critical level to watch:
Support: 1.1200, 1.1120
Resistance: 1.1300, 1.1360, 1.1500, 1.1580
GBP/USD
GBP/USD unable to reach daily SMA 200 and reverse downside. The pair weakness accelerates below 1.3000 and almost reach 1.2800 in just two days. It is better to stay sideways if traders hold no short position. 1.2625 – 1.2800 will become are to observe for possible bullish reversal. New low below 1.2660 is undesirable for the bull.
Today Critical level to watch:
Support: 1.2800
Resistance: 1.3000, 1.3050, 1.3125
USD/JPY
Not much change in the direction of USD/JPY. The pair comfortably moving upside in Monday trading session before it turn downward as European market close. There is no clue on the pair next direction as it hanging in the middle of 113.20 – 114.50 area. We still expect the pair will reach 114.50 – 115.00 area before any major bearish movement happen.
Today critical level to watch:
Support: 113.20, 113.00, 112.50, 112.00
Resistance: 114.50, 115.00
AUD/USD
The resistance 0.7300 proven itself as strong level and reversed AUD/USD uptrend. Currently, the pair could continue moving down toward 0.7160 and testing it again. If the bull could maintain a position above 0.7160 then there is hope AUD/USD will attempt to move upward to test 0.7300 – 0.7330.
Today critical level to watch:
Support: 0.7160, 0.7100, 0.7040, 0.7000
Resistance: 0.7300, 0.7330