USDX (USD Index)

U.S dollar index pushed lower and almost reached the daily SMA 200. However, the index reversed and closed above 98.25 resistance. It might continue upward this week and today the index has not moved much from the opening level. Traders could prepare for long positions in the U.S dollar index pair near 98.25 at the current time.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 25 – 29 November 2019

EUR/USD

EUR/USD bounced from 1.1000 support level and move up toward 1.1120. However, the pair lost momentum before it could reach the resistance and dropped to close near 1.1000 last week. This week, we might see further weakness toward 1.1000 and traders could observe the pair reaction near the support level.

Aside from the horizontal support levels, traders also will observe the triangle pattern on the pair.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD moving upward from 1.2800 and reversed before it could reach 1.3000. However, the reversal level is not far from 1.2800 and traders could regard it as target reached. At the current time, the pair is moving lower and will target 1.2800. There is the possibility, the pair might reverse before it reaches the support level.

Traders could continue to apply ranging strategies for now.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY traded not far from 109.00 and the SMA 200. At the current time, the pair might continue to stick near both resistances while waiting for the clue in the next direction. There is a triangle pattern to watch on the pair. Traders will trade base on the breakout direction.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 109.00, 110.00

AUD/USD

AUD/USD bounced from the top of the channel and tested 0.6820 resistance. There was a close above the resistance level. Unfortunately, there was no follow-through by the bull and the pair traded lower below the 0.6820 resistance. If the bearish pressure mounting then AUD/USD might continue lower and target 0.6750.

Today critical levels to watch:

Support: 0.6750, 0.6700

Resistance: 0.6800, 0.6820, 0.6900