Forex Technical Major Pairs analysis November 8, 2019

USDX (USD Index)

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U.S dollar index manages to extend its gain and printed higher high on the chart. The index has reached 98.25 resistance and might attempt to break out above it by the end of the week. At the current time, traders and investors are waiting for the reaction near 98.25.

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 pushed lower in the previous trading day. The pair direction expected to continue downward and reach the 1.1000 support level. Traders could prepare for long positions when the pair reaches the support level and form a bullish pattern.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD moved lower and reached 1.2800 support level yesterday. The pair expected to bounce from the support level and continue its ranging movement between 1.2800 – 1.3000. At the current time, there is no reaction yet from the support level. Will the pair bounce from the support? Alternatively, will it breakout lower and continue the downward movement toward daily SMA 200?

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY extend its gain yesterday but no close above the previous week high yet. The pair might attempt to close above the resistance level again today. We expect USD/JPY to move further higher and reach 110.00 resistance.

Today critical levels to watch:

Support: 109.00, 107.40, 107.00

Resistance: 110.00

AUD/USD

AUD/USD holding out near the flip level shown on the daily chart. No conclusion yet on the pair next direction. If the pair breakout lowers then traders could prepare to enter long positions near the 0.6820. However, if the pair move further higher then daily SMA 200 and 0.7000 will become the target.

Today critical levels to watch:

Support: 0.6820, 0.6800, 0.6750, 0.6700

Resistance: 0.6900

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