USDX (USD Index)

The index settled below SMA 200 at the end of the previous week. It confirmed the bearish trend in the index and might continue down toward the bottom of the channel. Meanwhile, traders will wait for the index reaction when retests on daily SMA 200 happen.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 4 – 8 November 2019

EUR/USD

EUR/USD continues its upward movement today, but the pair lose momentum and start making a downward movement. We think the downward movement is temporary and the pair will reach 1.1185 or the daily SMA 200 soon. Traders will continue to wait sideline for now and enter short positions when there is bearish reaction near the resistance.

today critical levels to watch:

Support: 1.1120, 1.1000, 1.0900

Resistance: 1.1185

GBP/USD

GBP/USD continues to trade between 1.2800 – 1.3000 and getting near the top of the range. Traders could continue to apply ranging strategies for now. Short positions near 1.3000 might become the option, traders could take.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY rejected from the daily SMA 200 and 109.00 resistance. The pair do not extend its bearish movement yet and it starts moving upward today. Traders might want to wait for sideline for now as the pair gives off a mixed signal. It might continue toward 107.00 – 107.40 support level. But, it might also target 109.00 again.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD extends its upward movement and getting near-daily SMA 200 and 0.7000. At the current time, traders might aim for short positions near both resistances. Wait until major bearish pattern formed before entering short positions.

Today critical levels to watch:

Support: 0.6800, 0.6750, 0.6700

Resistance: 0.6900