Forex Technical Major Pairs analysis October 11, 2018

USDX (USD Index)

Free $50 Forex No-Deposit Bonus

A close above 95.50 happen Yesterday and delay the breakout of the U.S dollar index. However, the bear makes another push lower today, attempting to confirm the correction. If the index closes inside the yellow box area then we think it will continue lower to reach 94.00 – 94.30 area.

News to watch

08.30 AM U.S CPI m/m, forecast increase of 0.2%

U.S Core CPI m/m, forecast increase of 0.2%

For full outlook for this week, you can follow Forex Outlook For The Week 8 – 12 October 2018

Technical Analysis

EUR/USD

It is the time for the bull, a close above 1.1500 and continuation upside brought the pair near 1.1580 resistance. If breakout above the resistance happens then EUR/USD will enter 1.1580 -1.1710 area. With the U.S dollar index on the pullback, we think it is a highly possible situation for EUR/USD to continue higher.

Today critical level to watch:

Support: 1.1500, 1.1360, 1.1300

Resistance: 1.1580, 1.1600

GBP/USD

GBP/USD on the path higher and tipped 1.3250 as well as daily SMA 200. The pair losing momentum near both levels and retrace back to its opening level. It is a normal situation where traders scaling out of position near resistances. We think the bull still has momentum and could make another test on the resistance. Long position near 1.3125 is one of the option traders could take.

Today critical level to watch:

Support: 1.3125, 1.3100, 1.3050, 1.3000

Resistance: 1.3200, 1.3250

USD/JPY

The bearish pressure still strong after previous day breakout below 112.50. USD/JPY immediately drop after market open and tested 112.00. Currently, the pair recovered part of its losses but stay below previous day low. Traders could assume the pair will trade between 112.00 – 112.50 until breakout happens.

If breakout below 112.00 happens, traders might want to avoid a long position for medium-term.

Today critical level to watch:

Support: 112.00

Resistance: 112.50, 113.00, 113.20

AUD/USD

No action to take yet in AUD/USD. The pair traded up and down near yearly low and could move either way. We still expect a test on 0.7160 and will wait until it happens to determine what to do in AUD/USD later.

Today critical level to watch:

Support: 0.7000

Resistance: 0.7100, 0.7160, 0.7300

Copyright © 2018. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.