USDX (USD Index)

U.S dollar index immediately returns above SMA 200 at the start of this week. It provides traders with a mixed-signal. The index could either continue its bearish movement or trade further higher. At the current time, traders could look for long positions in the U.S dollar pair with a tight stop.

News to watch

11.00 AM U.S ISM Non-Manufacturing PMI, forecast 53.5

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

EUR/USD

EUR/USD retreated from the level near 1.1185 and the daily SMA 200. The pair come under pressure but maintain the position inside 1.1120 – 1.1185 area. As long as there is no break out of the range then EUR/USD will continue its ranging movement.

today critical levels to watch:

Support: 1.1120, 1.1000, 1.0900

Resistance: 1.1185

GBP/USD

No change to the pair analysis which trades inside 1.2800 – 1.3000 area. The pair expected to continue its movement inside the range and traders could apply ranging strategies for now.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY crawls back upside and manages to erase all of the losses incurred in the previous week. The pair is on the upward path toward 109.00 and SMA 200. As long as there is no change in the direction, we think the pair test both resistances and breakout above it.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

The previous day bearish engulfing pattern on the daily chart immediately cancelled today as AUD/USD climb upward. The pair might continue its upward movement and target SMA 200 and 0.7000. At the current time, traders will observe the pair reaction near the resistance.

Today critical levels to watch:

Support: 0.6800, 0.6750, 0.6700

Resistance: 0.6900