USDX (USD Index)
U.S dollar index moving up and down near 96.70 resistance and today it bounces from the trendline. There is no sign of breakout yet. If the index could surpass this week high then we might see it headed to 97.50 resistance. Otherwise, a breakout lower below the trendline could happen and trigger a short-term bearish trend.
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 pair come under pressure again today as it falls toward support 1.1360. At the current time, it is too early to determine if the bearish pressure will continue. A bearish close below 1.1360 is a sign for further weakness in the coming week. On the other hand, bounce from 1.1360 and close near opening level will help EUR/USD continue higher next week.
Today critical level to watch:
Support: 1.1360, 1.1300, 1.1200, 1.1120
Resistance: 1.1500, 1.1580
GBP/USD
A bounce from 1.2800 support happened yesterday. But it could be a temporary bounce as the pair pressured downside today. As long as there is no movement above previous day high then GBP/USD will resume its downtrend. We have drawn a triangle range on the daily chart, traders could use the triangle to take a position in GBP/USD.
Today Critical level to watch:
Support: 1.2800, 1.2625
Resistance: 1.3000, 1.3050, 1.3125
USD/JPY
USD/JPY mostly sideways this week between 112.50 – 113.20. There is no change to the outlook as the pair capped at 113.20. The pair might drift lower today and test the support 112.50 or the trendline. It is better to stay sideline or trade the range 112.50 – 113.20 for the moment.
Today critical level to watch:
Support: 112.50, 112.00
Resistance: 113.00, 113.20, 114.50, 115.00
AUD/USD
The pair is pushed down in Thursday and Friday session. It is currently traded near the low of Thursday. Will AUD/USD break lower and continue making another test on the red trendline? Alternatively, will it start moving upward and test 0.7300 – 0.7330 again?
Today critical level to watch:
Support: 0.7200, 0.7160, 0.7100
Resistance: 0.7300, 0.7330