USDX (USD Index)
The descent of U.S dollar index continue yesterday, the index closed lower but stay above 93.00 support level. Today, the bull emerge from the low and bring the index higher. Although it looks bullish, the bull has yet to recover level above previous day high. It is possible the index could reverse and continue its descent.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 20 – 24 Nov 2017
Technical Analysis
EUR/USD
EUR/USD upward movement continue yesterday and reach multiple highs level. There is no breakout yet above the resistance level, but it looks like breakout will happen soon. Today, the pair expected to move sideways and stick close to the resistance. 1.1820 is a level to watch where traders could place long position.
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
The upward movement of GBP/USD faces rejection from the black trendline as expected. The pair closed down yesterday and continue the downward movement today. There is no strong momentum, and GBP/USD might find support near 1.3250 support level.
Today critical level to watch:
Support: 1.3250, 1.3200, 1.3125, 1.3100
Resistance: 1.3300, 1.3342
USD/JPY
Initial bounce from the 50% Fibonacci retracement seen on the USD/JPY daily chart. The pair produced doji pattern which is an indecision pattern yesterday. Today, the bull followed up by bringing the pair upward targetting daily SMA 200. Traders who are looking for the short position could place the order near daily SMA 200 with a tight stop.
Today critical level to watch:
Support: 111.00
Resistance: 111.60, 112.00, 112.50, 113.20, 114.50
AUD/USD
AUD/USD halted its upward move as it touches the top trendline. There is no clue on next direction yet. Will the pair break through the trend line resistance and head higher to reach daily SMA 200? Alternatively, will it rejected from the trend line and continued lower to test 0.7500?
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7630, 0.7690, 0.7750, 0.7800