Forex Technical Major Pairs analysis November 13, 2018

By • Posted in Forex

USDX (USD Index)

The bullish pressure of U.S dollar index manages to break resistance 97.50 and close above it in the previous day. After the breakout, it seems the bull take a rest and let the bear set the tone of the market before Fed Jerome Powell speech tomorrow. If the U.S dollar index continues downward then we could expect it hit 96.70 before further upside.

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Technical Analysis

EUR/USD

EUR/USD exposed to the further downside after fresh low below 1.1300. The bull has a hard job to reverse current bearish breakout and might not able to move the price above 1.1330. Traders could watch the area between 1.1300 – 1.1330 for potential short positions when weakness is seen.

Today critical level to watch:

Support: 1.1200, 1.1120

Resistance: 1.1300, 1.1360, 1.1500, 1.1580

GBP/USD

Possible bullish bounce brewing in GBP/USD after the pair losing much ground below 1.3000. The pair might continue downside toward 1.2800 and it is up to the bull to reverse current bearish pressure. GBP/USD soon will test the broken 1.3000, will it reverse downside or break upside?

 Today Critical level to watch:

Support: 1.2800

Resistance: 1.3000, 1.3050, 1.3125

USD/JPY

USD/JPY print a fresh high today but off from the high. The pair currently traded near its opening level and might close the day flat. Nevertheless, the USD/JPY trend still positive and 114.50 – 115.00 stay as our upside target. On the other hand, 113.20 is the downside target if correction happen.

Today critical level to watch:

Support: 113.20, 113.00, 112.50, 112.00

Resistance: 114.50, 115.00

AUD/USD

AUD/USD tested 0.7160 and bounce from the support level as expected. Traders will wait the close of the day to see if the pair could close as a bullish pattern or not. Long position from current level might have good risk-reward with 0.7300 – 0.7330 as a target and stop below 0.7160.

Today critical level to watch:

Support: 0.7160, 0.7100, 0.7040, 0.7000

Resistance: 0.7300, 0.7330

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