USDX (USD Index)
U.S dollar gives way for the bear today after previous day close below the trendline and 94.00 support level. There is nothing to hold the index to continue lower at the current level. On the downside, 93.00 is the target, and the odds are high it will be reached. There is still hope for the bull to overturn the situation and it is by closing the week above 94.00 to cancel the bearish sentiment.
News to watch
08.00 AM UK MPC Member Broadbent Speaks
U.S CPI, core CPI expected to increase monthly 0.1% and 0.2% respectively.
U.S Retail Sales, Core Retail Sales expected to increase monthly 0.0% and 0.2% respectively.
10.30 AM U.S Crude Oil Inventories, estimated a deficit of 2.1 million barrels.
For full outlook for this week, you can follow Forex Outlook For The Week 13 – 17 Nov 2017
Technical Analysis
EUR/USD
It might be the end of bearish sentiment on EUR/USD as the pair surpassed previous bearish trigger candlestick. The movement above this candle high is cancellation of bearish trend and could lead to a new bullish leg. 1.1820 is the new floor to watch, and traders could look for long position near this level.
Today critical level to watch:
Support: 1.1820, 1.1710, 1.1650, 1.1580, 1.1500
Resistance: 1.1850, 1.1925, 1.2000
GBP/USD
GBP/USD continues sideways without much change. We add new level at 1.3125 where there are multiple price closes near this level. Traders could use 1.3125 as support level to look for a long position. We expect the pair will move inside the yellow box but slowly tighten the range. Current range span between 1.3100 – 1.3200.
Today critical level to watch:
Support: 1.3125, 1.3100, 1.3000, 1.2800
Resistance: 1.3200, 1.3250, 1.3300, 1.3342
USD/JPY
USD/JPY correction has reached a level near 112.50 but showing no reduce in bearish momentum. If the pair continues to slide lower, it might trigger selling toward daily SMA 200. Meanwhile, 112.50 is prospective level to look for a long position, but traders must watch 113.20 if the pair head upside.
Today critical level to watch:
Support: 112.50, 112.00, 111.60
Resistance: 113.20, 114.50, 115.00
AUD/USD
AUD/USD continues its downward movement today and getting near to 0.7500 – 0.7550 area. At the middle of the day, the bull returns and bring the pair up. As long as it closed lower and below previous day low, it is possible for AUD/USD to reach 0.7500 – 0.7550. If the pair reached 0.7500 – 0.7550, traders could start looking for a long position.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7690, 0.7750, 0.7800, 0.7875