USDX (USD Index)
U.S dollar index direction is sideways for now, even though it moves lower. There is no strong momentum as it recently tested the 100.00 level. The index might continue to consolidate near the current level. It could turn higher and test the 100.00 level again, or it could move lower with strong bearish momentum to resume the bearish trend. The start of December might be the key event to watch as the Fed will stop tightening.
EUR/USD
EUR/USD is currently trading near the 1.1580 level and the downward trend line. No breakout from both levels for now, traders will wait for more confirmation. If the pair resume the downward movement, then it might target the daily SMA 200. On the upside, a close above 1.1710 will become the major bullish continuation confirmation.
Today’s critical levels to watch:
Support: 1.1500, 1.1360, 1.1300
Resistance: 1.1580, 1.1710, 1.1820
GBP/USD
GBP/USD pushed lower again and currently trade near the 1.3125 level. As long as the pair could defend the 1.3125, the trend will stay sideways for a while. Traders will wait for more confirmation whether the pair will bounce from 1.3125 or turn lower and close below 1.30000. As the bear has upper hand, it is better to wait until the pair return above daily SMA 200 before deciding to turn bullish.
Today’s critical levels to watch:
Support: 1.3050, 1.3000
Resistance: 1.3125, 1.3250, 1.3300, 1.3330, 1.3450
USD/JPY
USD/JPY reached the 127.2% Fibonacci extension level and might continue the bullish movement to target 161.8% extension level next. Traders who has long positions will continue holding for now with stop order below 152.84. There is no change to the bullish outlook for now, traders will continue to use bearish correction in the pair as chance to add long positions.
Today’s critical levels to watch:
Support: 151.00, 150.00, 149.20, 145.00, 142.00,
Resistance: 153.00
AUD/USD
AUD/USD gaining from the 0.6500 support level and currently trading inside the green box area. The pair might continue upward and close above the green box area to confirm bullish continuation. On the lower side, if the pair close below daily SMA 200 then the trend might turn bearish.
Today’s critical levels to watch:
Support: 0.6500, 0.6350, 0.6250, 0.6000
Resistance: 0.6700