USDX (USD Index)
U.S dollar fallout below the trendline and 94.00 support halted Yesterday. The index formed a bullish candlestick pattern and waiting for a breakout. The bull managed to push the index higher today but limited below 94.00 resistance. Will the index return above 94.00 by the end of the week?
News to watch
U.S Unemployment Claims comes out higher than expected, actual 249k vs. 235k.
For full outlook for this week, you can follow Forex Outlook For The Week 13 – 17 Nov 2017
Technical Analysis
EUR/USD
EUR/USD made a surprising movement clearing stop above the bearish candlestick which closed below 1.1710. However, the bullish move encountered by the bear at 1.1820 resistance and the pair formed a bearish candlestick pattern. The candlestick is broken today, and the pair stays below the low which is encouraging for the bear. If the bear could maintain lower close on the chart, EUR/USD might restart its bearish trend.
Traders will watch 1.1710 as support level if the pair decides to move lower.
Today critical level to watch:
Support: 1.1710, 1.1650, 1.1580, 1.1500
Resistance: 1.1820, 1.1850, 1.1925, 1.2000
GBP/USD
It is a sideways situation on GBP/USD chart, and the pair has not shown any interest to break the stalemate. Traders could look for long position near the red trendline and short position near 1.3250 or the black trend line.
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 supported at the 112.50 support level as expected. The bull returned to the market and brought the pair higher, but the upward movement rejected at 113.20. Overall, the pair expected to trade between 112.50 – 113.20 with a bullish bias.
Today critical level to watch:
Support: 112.50, 112.00, 111.60
Resistance: 113.20, 114.50, 115.00
AUD/USD
No change to the AUD/USD trend, the pair moved lower and headed to 0.7500 – 0.7550 area. It is only a matter of time the support area reached. Traders could patiently wait for the pair to reach the destination and look for a long position.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7690, 0.7750, 0.7800, 0.7875