Forex Technical Major Pairs analysis October 13, 2017

USDX (USD Index)

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U.S dollar index continues to stay above 93.00, and the selling pressure slowly diminish. The index closed as bullish candlestick and back above 93.00 which indicates possibility the index will settle between 93.00 – 94.00 for the week. Traders could look for a long position in U.S dollar pair while monitoring where the index will settle at.

News to watch

08.30 AM U.S CPI, estimated an increase of 0.6% monthly. Core CPI expected to increase 0.2% monthly.

Core Retail Sales expectation 0.7% increase monthly. Retail Sales expectation 1.7% increase monthly.

 

Technical Analysis

EUR/USD

EUR/USD reversed before it could reach the blue trendline. The pair currently back near 1.1820 and testing the resistance turned support. If EUR/USD could maintain a position above 1.1820, it might continue upward to test the trendline with extension toward 1.1900 – 1.1920 area.

Today critical level to watch:

Support: 1.1820, 1.1710

Resistance: 1.1900, 1.1920, 1.2000

GBP/USD

The bull is in control of GBP/USD as the pair make a superb comeback in previous trading session. Initially, GBP/USD fell after the test 1.3250 to as low as 1.3121, but the bull drives it higher to close above the resistance. Today, the bull followed through by pushing the pair further higher above previous day high. Could the bull maintain advantage above 1.3250 until the close of the week?

Today critical level to watch:

Support: 1.3250, 1.3000

Resistance: 1.3300, 1.3342, 1.3400

USD/JPY

USD/JPY closed down, moving away from 112.50 with the bear under control. Although the move is bearish, there is no lower low printed yet on the chart, and the situation stays in a stalemate between the bull and the bear. CPI and retail sales news will become the fuel for today movement. Aside from the news, there is FOMC members speech which could influence the market.

The key for next movement in USD/JPY depends on this week close either above or below daily SMA 200.

Today critical level to watch:

Support: 112.00, 111.60, 111.00, 110.50

Resistance: 112.50, 113.20, 114.50

AUD/USD

The bull extends rally in AUD/USD above 0.7800 and getting near 0.7875. The short-term trend is bearish, and the bull will need a close above 0.7875 to overturn the bearish sentiment. Meanwhile, traders could continue to look for short position until 0.7875 broken upsides.

Today critical level to watch:

Support: 0.7800, 0.7750, 0.7690

Resistance: 0.7875, 0.7900, 0.7970

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