USDX (USD Index)
U.S dollar index is losing more ground after failed at 94.00 retests. The downward pressure is strong and reaches 93.00 support level. Will the index bounce from the support and switch its direction upward?
There is no clue yet at the current time, and U.S market is on Thanksgiving holiday which might stop the index near the support level.
News to watch
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Technical Analysis
EUR/USD
EUR/USD bounced from 1.1710 after U.S dollar disappoints with more decline. The bounce sent the pair above 1.1820 and headed to multiple highs resistance. There is no reason for the bull to reverse yet and the upward momentum is strong. It is possible the bull could overtake the resistance and move toward 1.1925.
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 reached trendline resistance and multiple tops shown on the chart. The pair shows initial sign of taking profit action, but there is no major reversal yet. If the bear could reverse the pair and closed the day below 1.3300, it is possible for GBP/USD to move down toward red trendline.
Today critical level to watch:
Support: 1.3300, 1.3250, 1.3200, 1.3125, 1.3100
Resistance: 1.3342
USD/JPY
The bear finally has full control on USD/JPY after the pair broke below daily SMA 200 and closed below it. The trend might have changed, and the only reason traders will maintain bullish bias is the 50% Fibonacci retracement. If the bull could make sharp upward movement and close above daily SMA 200 and 112.50, it will cancel the bearish outlook.
Meanwhile, a retest on SMA 200 is an opportunity to enter a short position.
Today critical level to watch:
Support: 111.00
Resistance: 111.60, 112.00, 112.50, 113.20, 114.50
AUD/USD
Bullish bounce shaped on AUD/USD daily chart and brought the pair near the top trendline. The upward movement could be regarded as technical bounce and might reverse down at any time. The bull needs a break above the trendline and closes above SMA 200 to confirm the change of trend. It is a low odd scenario and better to stick to the short side.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7630, 0.7690, 0.7750, 0.7800