USDX (USD Index)
U.S dollar index closes above 93.00 and maintains the position above the level. However, there is no major upward movement shown yet. Traders might stay sideline as today is the last trading day of November. Will U.S dollar index return to bullish trend in December and January and make Santa rally?
News to watch
08.30 AM U.S Unemployment Claims, forecast 241k benefit claimer
For full outlook for this week, you can follow Forex Outlook For The Week 27 – 1 Dec 2017
Technical Analysis
EUR/USD
EUR/USD formed range between 1.1820 – 1.1925, the pair might continue its sideways movement inside the range. The bias is bullish as the high, and the low gets higher. If the pair manages to hold position above 1.1820, traders could look for a long position with 1.1925 as the initial target.
Today critical level to watch:
Support: 1.1850, 1.1820, 1.1710, 1.1650
Resistance: 1.1925, 1.2000
GBP/USD
UK Brexit talk is in a critical moment as hardline Conservative Eurosceptics will vote against Theresa May Brexit deal. The vote against Brexit deal will happen if the UK need to pay divorce bills valued 50b Pound for years. Another factor to count is how UK government negotiate in the future trade deal.
On the technical side, GBP/USD broke through trendline resistance and jumped to 1.3450 without much trouble. The pair could continue up to 1.3600 if there is no change in direction. Meanwhile, 1.3450 – 1.3600 Brexit breakout level where traders could look for a short position.
Today critical level to watch:
Support: 1.3400, 1.3342, 1.3300, 1.3250
Resistance: 1.3450, 1.3500, 1.3600
USD/JPY
USD/JPY closed above daily SMA 200 and continued upward to test 112.50. Traders might consider long position carefully as there is lower low printed on the daily chart. The bear is currently waiting for lower high which might happen at 112.50 or 113.20. Both levels are good levels to look for short positions.
Today critical level to watch:
Support: 112.00, 111.60, 111.00
Resistance: 112.50, 113.20, 114.50
AUD/USD
AUD/USD continues its traction inside the triangle. Currently, the pair is testing 0.7550 support level. Will the bull return and bring the pair higher to break the resistance trendline?
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7630, 0.7690, 0.7750, 0.7800