USDX (USD Index)

The index setting itself for further upside but it could not print higher high. We think the index will continue to stick near 98.25 while waiting for a trigger to move. Without any higher high printed on the chart, the U.S dollar index risk to slip back below 98.25 and continue its bearish movement toward daily SMA 200.

News to watch

10.45 AM U.S Chicago PMI, forecast reading of 47.2

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

EUR/USD

EUR/USD under bearish pressure today and currently testing 1.1000 support level. We expect no breakout and EUR/USD will start moving upward after the test. However, if the pair manages to close below 1.1000 then a bearish continuation may happen.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

No major change happened yet in GBP/USD. The pair continues its consolidation inside the 1.2800 – 1.3000 range and traders could continue to apply ranging strategies. Currently, long positions toward 1.3000 are in play.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY slightly higher above the daily SMA 200 and 109.00 but no significant jump from the levels yet. USD/JPY will continue to stick near both levels and traders will observe the pair next reaction. If bullish continuation happens then we expect 110.00 will become the upside target.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 109.00, 110.00

AUD/USD

AUD/USD formed a harami pattern which indicates indecision on the pair next directi0n. The pair could either continue its lower movement or start a bullish correction toward 0.6820. At the current time, it is better to wait for further clues in the pair.

Today critical levels to watch:

Support: 0.6750, 0.6700

Resistance: 0.6800, 0.6820, 0.6900