USDX (USD Index)

The weakness of the U.S dollar index persists and it reaches 97.50 support level. No bullish reaction yet at the moment. If the index extends its weakness then traders could watch daily SMA 200 as a reference level for a bounce.

News to watch

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

EUR/USD

EUR/USD closed above 1.1120 yesterday and suggesting further bullish pressure. Today, the pair attempting to continue its bullish movement. Not follow-through yet and the pair might close above 1.1120 but inside the previous day range. If the bullish pressure continues then we could expect the pair to reach 1.1185.

today critical levels to watch:

Support: 1.1120, 1.1000, 1.0900

Resistance: 1.1185

GBP/USD

GBP/USD situation continues bullish as the EU and UK reach an agreement on the new Brexit draft. The draft will be submitted to the UK parliament this Saturday. If the draft passed then the UK avoided hard-Brexit and GBP/USD upward movement will continue. Waiting sideline is the best choice for now, however, if traders decide to take positions better take it with small-risk.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY hovering near 109.00 and SMA 200. No major bearish reaction yet from both resistances level. Traders could expect the pair to continue to stick near both resistances while waiting for reactions.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD closed above the blue box area, it could mean a bullish continuation on the card. However, the pair needs to clear the top of the bearish channel before the overall trend could turn bullish. If the pair rejected from the top of the channel and form a major bearish reversal pattern then AUD/USD will continue its bearish trend inside the channel.

Today critical levels to watch:

Support: 0.6800, 0.6750, 0.6700

Resistance: 0.6900