USDX (USD Index)
U.S dollar index finally reaches the level projected from the previous week. The index is currently testing its bullish trendline also support 94.00. The bull needs to hold both support level and reverse current bearish pressure. Otherwise, the index will return to its bearish trend, and there is nothing to stop it.
News to watch
UK CPI, actual 3.0% vs. 3.1% expectation
U.S PPI monthly, actual 0.4% vs. 0.1% expectation.
For full outlook for this week, you can follow Forex Outlook For The Week 13 – 17 Nov 2017
Technical Analysis
EUR/USD
EUR/USD reached our resistance target and showed strong upward momentum. Is it the right time to take a short position from the resistance? It might be a good level to short, but there is no confirmation yet. Traders suggested monitoring using lower time frame chart for entry with a stop above 1.1820.
Today critical level to watch:
Support: 1.1710, 1.1650, 1.1580, 1.1500
Resistance: 1.1820
GBP/USD
No change to the GBP/USD situation. The pair expected to continue its downward movement to reach the 1.3000 and daily SMA 200 target. Depend on the momentum of the movement, and both support level could be used as the level to enter a long position.
Today critical level to watch:
Support: 1.3100, 1.3000, 1.2800
Resistance: 1.3250, 1.3300, 1.3342
USD/JPY
USD/JPY looks weak below the red trendline. The bull initially in control today, but as the time gets closer to the central banks chief discussion, the bear seize control from the bear. If the pair closed inside previous day range, it might continue lower to test 113.20.
Today critical level to watch:
Support: 113.20, 112.50, 112.00, 111.60
Resistance: 114.50, 115.00
AUD/USD
AUD/USD slide lower today. Fortunately, the bull returns to the market and brought the pair back above its support level. There is no confirmed break yet on the pair, and the market might continue its sideways movement between 0.7620 and daily SMA 200.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7690, 0.7750, 0.7800, 0.7875