Forex Technical Major Pairs Analysis | November 29, 2021

USDX (USD Index)

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U.S dollar index made a bearish reversal at the end of the previous week. The index closed near 96.10 and there is no bearish follow-through this week. If the index could reverse the bearish pressure and make a bounce then it is set to continue the bullish trend.

EUR/USD

EUR/USD made a bullish reaction and closed inside the 1.1300 – 1.1360 area. The pair will attempt to regain its losses and target the 1.1500 level. Traders will wait near resistance level for a chance to enter short positions on bearish reactions.

Today critical levels to watch:

Support: 1.1185, 1.1120, 1.1000

Resistance: 1.1300, 1.1360

GBP/USD

GBP/USD maintains the position near the 1.3300 – 1.3330 area. There is no bearish follow-through below the level and the pair might attempt for a bounce. If a bullish bounce happens then 1.3450 will become the upward target. Traders could use the resistance level for a chance to enter short positions.

Today Critical level to watch:

Support: 1.3330, 1.3300, 1.3250, 1.3000

Resistance: 1.3450, 1.3600, 1.3835, 1.4000

USD/JPY

USD/JPY made a major bearish reversal last week and closed below 114.50. No lower swing low printed on the chart which means the trend has not changed yet. If the pair could reverse the bearish pressure and start climbing again then the bullish trend is set to continue.

Today critical levels to watch:

Support: 113.00, 112.00

Resistance: 114.50, 115.00, 115.90

AUD/USD

AUD/USD dropped below 0.7160 support level and confirm further bearish continuation. Under the current situation, traders will continue to avoid long positions and wait for a bullish correction to enter short positions near the resistance level. On the upside, 0.7300 – 0.7330 is the area to watch for short positions.

Today critical levels to watch:

Support: 0.7160

Resistance: 0.7300, 0.7330

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