Forex Technical Major Pairs analysis November 12, 2019

USDX (USD Index)

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U.S dollar index sticks near 98.25 level today before President Trump’s speech. The speech might have high-impact as it might provide a clue on U.S-China trade status. No conclusion yet on the U.S dollar index direction. However, in the medium-term, we think the index could move further higher.

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 hovering near 1.1000 support level. The pair expected to continue its downward movement and reach 1.1000 before further action. Traders will wait for the pair reaction at the support level before determining the next direction. If the pair bounce from the support level then it might form a cup and handle formation.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD bounced from 1.2800 and projected to continue its ranging movement between 1.2800 – 1.3000. Traders could continue to apply ranging strategies for now until breakout happens.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY stuck near 109.00 and daily SMA 200, showing no sign of bounce yet. The pair direction is upward and has 110.00 resistance as an upward target. As long as the pair stays above both levels then traders could expect the resistance reached soon. However, a close below 109.00 and SMA 200 could trigger a bearish correction.

Today critical levels to watch:

Support: 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

More bearish pressure experienced by AUD/USD today. The pair is on the path lower toward 0.6820 or the top of the blue box area. We expect the pair to reach the level and test it. If the pair closed below 0.6820 then AUD/USD might continue its long-term bearish trend.

Today critical levels to watch:

Support: 0.6820, 0.6800, 0.6750, 0.6700

Resistance: 0.6900

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