Forex Technical Major Pairs Analysis | November 25, 2020

USDX (USD Index)

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U.S dollar index continues under pressure near the 92.00 support level. Overall, the index trading inside the yellow box area since July. If the index could breakout and close below 92.00 then the bearish trend will continue. On the other hand, if a bounce happens then the index will continue its ranging movement inside the yellow box area.

EUR/USD

EUR/USD hanging at the top without higher high printed yet. The pair continues moving upward pressuring the resistance level. If a bullish breakout happens then the pair will target the 1.2000 resistance level. However, if the pair moves lower then 1.1820 will become the level to watch.

today critical levels to watch:

Support: 1.1820, 1.1710, 1.1580

Resistance: 1.2000

GBP/USD

GBP/USD made a close above 1.3330 and expected to add further gain in the coming days. The pair expected to target 1.3450 and 1.3600 resistance level. Traders might want to avoid short positions for now as the pair trend has turned bullish and a higher high above 1.3479 will confirm the continuation of the long-term bullish trend.

Today Critical level to watch:

Support: 1.3330, 1.3300, 1.3250

Resistance: 1.3450, 1.3500

USD/JPY

USD/JPY holding out above 104.00 and attempt to reverse the current bearish trend. If the pair could climb above 105.00 and print a higher high then a trend switch will happen. At the current time, the long-term trend is bearish and we still expect further weakness below 104.00 and the previous swing low.

Today critical levels to watch:

Support: 104.00, 101.50, 101.19

Resistance: 105.00, 106.00, 106.70

AUD/USD

AUD/USD closed above 0.7300 – 0.7330 area and is now set to continue moving upward to target 0.7450 and 0.7500. Similar to the previous analysis, traders will continue to hold long positions and raise the stop level to 0.7200.

Today critical levels to watch:

Support: 0.7300, 0.7160

Resistance: 0.7330, 0.7450, 0.7500

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