Forex Technical Major Pairs analysis November 15, 2018

USDX (USD Index)

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U.S dollar index swings wildly between 96.70 – 97.50 for two days while The Fed Jerome Powell giving a speech. The direction has not settled yet but the overall trend of the U.S dollar index is bullish. Currently, traders will continue to monitor the index movement to determine the long-term direction.

News to watch

11.30 AM Fed Chair Powell Speaks

For full outlook for this week, you can follow Forex Outlook For The Week 12 – 16 November 2018

Technical Analysis

EUR/USD

EUR/USD managed to climb above 1.1300 and creating a neutral situation. The pair currently waiting for news trigger to determine next direction. The overall trend is bearish and the only scenario which could change the pair direction is a breakout above 1.1500 – 1.1580 area. At the current time, resistance area 1.1300 – 1.1360 will play a major role.

Today critical level to watch:

Support: 1.1300, 1.1200, 1.1120

Resistance: 1.1360, 1.1500, 1.1580

GBP/USD

GBP/USD tumbled today from 1.3000 resistance in the wake of Brexit deals. UK Theresa May got a latter of no confidence from UK conservative lawmaker. Moreover, U.K. Brexit Secretary Dominic Raab step down from the position. The fundamental situation will continue to influence the pair at the current time and it might follow the technical analysis to the downside.

 Today Critical level to watch:

Support: 1.2625

Resistance: 1.2800, 1.3000, 1.3050, 1.3125

USD/JPY

Correction happened in USD/JPY and reached 113.20 where traders could start looking for a long position. If the bull could maintain a position above the support level then we expect USD/JPY will continue its upward movement toward 114.50 – 115.00. Meanwhile, it is better to observe and enter a position on the bullish trigger.

Today critical level to watch:

Support: 113.20, 113.00, 112.50, 112.00

Resistance: 114.50, 115.00

AUD/USD

Another touch down on 0.7300 – 0.7330 area happen today. AUD/USD upward pressure continue building up even though the pair off from high. It seems the market is waiting for Jerome Powell speech and The Fed stance toward interest-rate. If the speech turns out hawkish than expected then AUD/USD upward movement might be hindered and start moving down again.

Today critical level to watch:

Support: 0.7160, 0.7100, 0.7040, 0.7000

Resistance: 0.7300, 0.7330

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