Forex Technical Major Pairs analysis November 14, 2019

USDX (USD Index)

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We have bearish pressure at the 98.25 resistance today. The index currently traded lower below the level. It seems the market pricing in another rate-cut possibility after Jerome Powell’s speech today. In the speech, Powell mentioned he does not see bubble brewing in the current economy.

U.S dollar index might trade further lower with daily SMA 200 and 97.50 as the target.

News to watch

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

EUR/USD

EUR/USD reached 1.1000 targets and there is a bullish reaction today. If the pair could bounce from the support level and close above the previous day high then we could expect a further bullish correction. Traders could look for long positions at the current level.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD set to continue further higher and complete the ranging outlook inside 1.2800 – 1.3000. Traders could continue to apply ranging strategies for now while waiting for a breakout.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY on the path lower as the pair fall sharply today from daily SMA 200 and 109.00. Under current strong bearish momentum, traders better stay out long positions and wait until the pair reach the nearest support level.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 109.00, 110.00

AUD/USD

The pair broke below 0.6820 with strong bearish momentum. It manages to reach the top of the channel and will test it. We think the bearish movement will continue and reach 0.6750 in the medium-term. At the current time, it is better to wait for the pair return near 0.6820 before placing short positions.

Today critical levels to watch:

Support: 0.6750, 0.6700

Resistance: 0.6800, 0.6820, 0.6900

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