USDX (USD Index)

More pressure seen on 98.25 support level, the index is on the verge of breakout lower. Traders could wait for further reactions from the index at the support level. If the U.S dollar index could reverse current bearish pressure then we might see a bounce toward 99.40. On the other hand, if the breakout lower happen then the blue trendline and 97.50 will become the downward target.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 14 – 18 October 2019

EUR/USD

There is bearish attempt today to bring EUR/USD back below 1.1000. Fortunately, the bull is ready and push the price higher. At the current time, EUR/USD is testing the previous day high and might breakout above it. If EUR/USD continues higher then 1.1120 will become the upside target.

today critical levels to watch:

Support: 1.1000, 1.0900, 1.0800

Resistance: 1.1120

GBP/USD

GBP/USD extends its gain as positive Brexit news keeps rolling out. EU negotiator says there is still time to reach a deal on Brexit. The upward movement of GBP/USD has reached 1.2800 resistance. If the situation stays positive then we might see a breakout soon.

Today Critical level to watch:

Support: 1.2625, 1.2600, 1.2500

Resistance: 1.2800, 1.3000

USD/JPY

USD/JPY continues upward today and soon will reach 109.00 and SMA 200. Where will the pair move next after both resistance levels reached? Traders will observe the pair reaction at the resistance. It is possible the trend will continue bullish and we get a breakout above SMA 200.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD pushed down to the bottom of the blue box area. The pair might bounce from the support level and continue ranging movement inside the blue box area. We have bearish bias and suggest traders look for short positions only when the pair hit the nearest resistance.

Today critical levels to watch:

Support: 0.6700

Resistance: 0.6800, 0.6900