USDX (USD Index)
U.S dollar index returns above 94.00 handles yesterday and opens another upward scenario to challenge 95.00 and higher. It is almost the end of the year, most of the time U.S dollar index start a Santa rally, and this might be the right time to start looking for long in U.S dollar pair.
94.40 is the nearest resistance to watch while a break above 95.00 will confirm the test of the trendline.
News to watch
06.00 PM Fed Chair Yellen Speaks
For full outlook for this week, you can follow Forex Outlook For The Week 20 – 24 Nov 2017
Technical Analysis
EUR/USD
EUR/USD reached 1.1710 today and currently testing the support. There is no sign of break or bounce yet which suggest traders stay flat on the pair. Following the close of U.S dollar index above 94.00, it is a mixed signal, and long position near 1.1710 is not high-odds.
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
GBP/USD tested 1.3250 yesterday and stay below the resistance. The bullish sentiment is not enough to overtake the resistance. The pair made another test on the resistance and completely warded by the bear. If the bull could not close the pair above 1.3250 this week, it is possible for the pair to start new bearish leg to reach 1.3000.
Today critical level to watch:
Support: 1.3200, 1.3125, 1.3100, 1.3000, 1.2800
Resistance: 1.3250, 1.3300, 1.3342
USD/JPY
The bull has not given up on USD/JPY yet as the pair bounced near its daily SMA 200 and closed above 112.50. It is a positive development, and another close above 112.50 will confirm the upward movement toward 113.20 or higher.
Today critical level to watch:
Support: 112.50, 112.00, 111.60
Resistance: 113.20, 114.50, 115.00
AUD/USD
No bounce yet in AUD/USD, the pair stick near the support level. There is mini bull today in the European session, and the reaction surpassed opening level which is possible to continue higher in U.S trading session. Overall, the pair stays below previous day high and no sign of continuation yet.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7690, 0.7750, 0.7800, 0.7875