USDX (USD Index)

The U.S. dollar index’s bearish correction is underway, especially after the Fed appeared hesitant regarding the need to raise interest rates in November. The bearish movement of the index is still temporary until a lower swing low point is formed. Traders will prepare near the 105.00 point for a possible bullish reaction and continuation of the bullish trend.

EUR/USD

EUR/USD moved up to near 1.0650 in line with the weakening of the dollar index. The pair needs a close above 1.0650 to confirm a further rise. If the pair experiences a strong bearish rejection at 1.0650 then a decline towards 1.0500 may occur.

Today’s critical levels to watch:

Support: 1.0500

Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD is out of the 1.2000 – 1.2200 area and still seems to have bullish pressure to continue toward the daily SMA 200. The pair will try to reach that point and traders will wait for a reaction at the resistance point. If a strong bearish reaction occurs then there is still a possibility that the pair will move down to form a lower swing low point.

Today’s critical levels to watch:

Support: 1.2100, 1.2000

Resistance: 1.2200, 1.2625, 1.2800

USD/JPY

USD/JPY is now consolidating not far from 150.00. The pair will try to continue its bullish movement to form a higher swing high point. If the pair turns out to go down and forms a lower swing low point then the decline can continue towards 145.00.

Today’s critical levels to watch:

Support: 147.00, 145.00, 141.00

Resistance: 150.00

AUD/USD

AUD/USD can continue its upward movement and now has the 0.6500 point as an upside target. Traders will wait near the 0.6500 point for a bearish reaction. When a bearish reaction occurs and a higher swing high point is not formed, the bearish trend can continue. Conversely, a close above 0.6500 is a confirmation of a bullish reversal.

Today’s critical levels to watch:

Support: 0.6170, 0.6000

Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000