Forex Technical Major Pairs analysis October 11, 2019

USDX (USD Index)

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The weakness of the U.S dollar index continues today after the bearish close yesterday. The index might continue under pressure as positivism on U.S-China trade negotiations spread across the market. However, the actual movement will depend on the result of the negotiation. If the index continues its weakness then we could expect it will test 98.25.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 7 – 11 October 2019

EUR/USD

EUR/USD closed near 1.1000 and suggesting neutral sentiment. The pair currently extends its previous day gain and might stay above 1.1000 until the end of the day. No indication on the next direction of the pair yet. Traders will observe the result of the trade negotiation between U.S-China today.

today critical levels to watch:

Support: 1.1000, 1.0900, 1.0800

Resistance: 1.1120

GBP/USD

Positive development between UK-Ireland boosts the chance for the UK to secure the Brexit deal. Hope are brewing and GBP/USD enjoyed rally. It soon will reach the daily SMA 200 and 1.2625 – 1.2800 range. We think the path of GBP/USD will be rocky as Brexit deadline ticking, anything could happen nearing the deadline.

Today Critical level to watch:

Support: 1.2400, 1.2300, 1.2200, 1.2000

Resistance: 1.2500, 1.2600

USD/JPY

USD/JPY reached the top of the triangle pattern and currently testing it. No rejection nor breakout happen yet. If the positive sentiment continues then we could expect bullish breakout and USD/JPY target 109.00 also SMA 200.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD returns inside the blue box area and expected to consolidate inside it with a bearish bias. Traders could prepare for short positions when the pair hit the top of the channel, assuming there is no deal between U.S-China on the trade war.

Today critical levels to watch:

Support: 0.6700

Resistance: 0.6800, 0.6900

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