USDX (USD Index)
The index continues to maintain its position above the trendline although there is selling attempt today. No conclusion yet on the index next direction. It could either breakout lower below the trendline or bounce upward and break 96.70 resistance. Traders could expect sideways movement in the meantime.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 19 – 23 November 2018
Technical Analysis
EUR/USD
The overall trend of EUR/USD continues sideways with the pair moving up and down inside Tuesday candlestick range. It is currently bounced from 1.1360 support level but immediately losing momentum. There is not much to do at the moment and traders could continue to stay sideline or trade the triangle range.
Today critical level to watch:
Support: 1.1360, 1.1300, 1.1200, 1.1120
Resistance: 1.1500, 1.1580
GBP/USD
The bull finally on the move in GBP/USD as the pair stage rally from the support 1.2800. However, the upward movement limited below Monday high which means it is still too early for bull traders to feel safe. GBP/USD has a target at 1.3000 if the bullish momentum could hold.
Today Critical level to watch:
Support: 1.2800, 1.2625
Resistance: 1.3000, 1.3050, 1.3125
USD/JPY
No change in USD/JPY projection as the pair could not surpass 113.20 resistance. It is expected to trade between 112.50 – 113.20 or between the triangle if upside breakout happens. On the other hand, a move below 112.50 will trigger sell-off.
Today critical level to watch:
Support: 112.50, 112.00
Resistance: 113.00, 113.20, 114.50, 115.00
AUD/USD
AUD/USD bounced from the red trendline but no follow through yet. The pair stays inside previous day range and brings the sentiment back into neutral. We still expect another upside attempt to test 0.7300 – 0.7330. Meanwhile, traders could place stop order below 0.7200 anticipating sudden bearish sell-0ff.
Today critical level to watch:
Support: 0.7200, 0.7160, 0.7100
Resistance: 0.7300, 0.7330