Forex Technical Major Pairs analysis November 13, 2017

USDX (USD Index)

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U.S dollar index closed the week lower near 94.40, the index starts the week with a bullish movement and indicates the range still intact between 94.40 – 95.00. Overall, the picture stays bullish for U.S dollar. However, the progress on Tax-reform shows some resistance, and a “No” result will be devastating for the index.

This week, traders could continue use 94.00 – 95.00 as the range to trade.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 13 – 17 Nov 2017

Technical Analysis

EUR/USD

EUR/USD started the week bullishly, but there is no break above Friday high which put the pair in the neutral condition. There is nothing to expect yet until the pair either move near 1.1710 or lower below 1.1580. Traders could look for short position near the 1.1710 resistance.

Today critical level to watch:

Support: 1.1650, 1.1580, 1.1500, 1.1360

Resistance: 1.1710, 1.1820

GBP/USD

The upward movement of GBP/USD experience rejection at the trendline and the pair currently move lower. The downward movement seems strong and might continue lower to test daily SMA 200 as projected in the previous week. Traders could assess the pair strength when testing daily SMA 200 and 1.3000 before placing position.

Today critical level to watch:

Support: 1.3100, 1.3000, 1.2800

Resistance: 1.3250, 1.3300, 1.3342

USD/JPY

The break of the red trendline is crucial for the short-term trend of USD/JPY. The trend turns negative, but overall the bull still has a chance to resume bullish trend as long as 113.20 holding against the bear selling pressure. Traders could use 113.20 and 112.50 as buying points if the pair reaches both levels.

Today critical level to watch:

Support: 113.20, 112.50, 112.00, 111.60

Resistance: 114.50, 115.00

AUD/USD

Bearish continuation is on the card as AUD/USD testing the bottom range of its consolidation. There is no conclusion yet, and the pair could also bounce from the current level and prolong the consolidation period. Traders could use the current level to look for a long position with a tight stop order. On the other hand, a break and close below 0.7620 could be used as selling level to reach 0.7500 – 0.7550.

Today critical level to watch:

Support: 0.7550, 0.7500

Resistance: 0.7690, 0.7750, 0.7800, 0.7875

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