USDX (USD Index)

Initially, the index is under pressure today but at the current time, it has recovered near its opening level. We could expect the index to continue upward in the coming day or weeks if it could print higher swing high. However, if the index falls below 98.25 and closes below it then we could expect correction toward SMA 200.

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 closed below 1.1000 support level yesterday and the risk of further weakness. Today, the pair manage to return above 1.1000 and attempting to move higher. Even though it is bullish, the pair seems will close inside the previous day range. As long as the pair closes above 1.1000 there is a chance for a bounce next week.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD closed higher yesterday and getting near 1.3000 resistance. The pair continues moving inside the range 1.2800 – 1.3000 and traders could continue to apply ranging strategies. Short positions when the pair hit the level near 1.3000 and form bearish reaction is the position to take.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY blasted higher above SMA 200, 109.00 and printed a higher swing high. The pair almost reach 110.00 resistance and might reach it in the coming days. It is better to wait until the pair reaches the resistance level before placing any positions.

Today critical levels to watch:

Support: 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

AUD/USD on track lower to reach 0.6750 support level. The chance get higher as we have lower low printed today. Long positions near the support level could be taken when there is a bullish reaction. At the current time, traders could continue to hold short positions.

Today critical levels to watch:

Support: 0.6750, 0.6700

Resistance: 0.6800, 0.6820, 0.6900