USDX (USD Index)

The index slightly higher today after President Trump called China as “cheater” in the previous day speech. Trade negotiation uncertainties resurfacing for now. If the situation gets worse in the coming days then the U.S dollar index has a chance to continue moving upward.

However, if the index move lower and close below 98.25 then the bullish scenario will put on hold.

News to watch

09.30 AM U.S CPI m/m, forecast 0.3%, Core CPI m/m forecast 0.2%

12.00 AM U.S Fed Chair Powell Testifies

For full outlook for this week, you can follow Forex Outlook For The Week 11 – 15 November 2019

EUR/USD

EUR/USD manages to reach 1.1000 today and the price currently trading near it. No major reactions from the support level yet. But, we expect a bounce could happen at the support level and EUR/USD makes the bullish correction before moving further lower.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

No breakout from 1.2800 – 1.3000 area which means GBP/USD will continue its ranging movement inside the range. 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 hanging near 109.00 and the daily SMA 200 without many reactions. We expect a bullish bounce from both levels. However, if the pair breakout below both levels and closed lower with strong momentum then we need to scale out or get out of the long positions.

At the current time, traders will wait and observe Jerome Powell’s speech today.

Today critical levels to watch:

Support: 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

AUD/USD getting near 0.6820 support level and soon will reach it. The pair has strong bearish momentum which means traders will wait before placing long positions. If a close below 0.6820 happens then the pair might continue toward 0.6750.

Today critical levels to watch:

Support: 0.6820, 0.6800, 0.6750, 0.6700

Resistance: 0.6900