USDX (USD Index)
The upward movement of the U.S dollar index continues yesterday but no higher high printed on the chart. Today, the index slightly lower and might test the previous day low. U.S dollar index next direction will depend on where the index settles at the end of this week. A close above previous week high is the confirmation that the bullish trend will continue.
News to watch
08.00 AM UK BOE Monetary Policy Repor
08.30 AM UK BOE Gov Carney Speaks
For full outlook for this week, you can follow Forex Outlook For The Week 4 – 8 November 2019
EUR/USD
EUR/USD printed lower low in today’s trading session. However, the pair manage to recover and currently traded above its opening level. The pair might test the previous day high and surpass it before the end of trading. No conclusion yet at the current time. If the pair could not close higher above the previous day high then tomorrow it might start moving lower again.
today critical levels to watch:
Support: 1.1000, 1.0900
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD traded sideways inside 1.2800 – 1.3000 range. As long as there is no break out of the range then GBP/USD expected to continue its sideways movement. At the current time, traders are waiting for an interest-rate announcement by BOE.
Today Critical level to watch:
Support: 1.2800, 1.2625, 1.2600, 1.2500
Resistance: 1.3000
USD/JPY
No surprise in USD/JPY as the pair testing 109.00 and SMA 200 today. The pair initially falls below the support levels but manages to return above it. At the current time, USD/JPY traded above its opening level and might extend the gain toward 110.00.
Today critical levels to watch:
Support: 109.00, 107.40, 107.00
Resistance: 110.00
AUD/USD
AUD/USD slipped in today trading session, the pair fall below previous day low. Fortunately, the bull manage to push the pair upward and return above its opening level. Currently, the pair traded near previous day high. A closure above previous day high could incite more bullish pressure in the pair.
Today critical levels to watch:
Support: 0.6800, 0.6750, 0.6700
Resistance: 0.6900