Forex Technical Major Pairs analysis October 22, 2019

USDX (USD Index)

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The index closed near daily SMA 200 and recover part of losses incurred last Friday. Currently, there is an upward attempt by the index to move above the averages. As the market takes a breather on the Brexit issue (we think extension will happen) and prepare for next week’s FOMC meeting, it seems the index might trade near the averages this week.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 21 – 25 October 2019

EUR/USD

EUR/USD settle inside 1.1120 – 1.1185 range and expected to consolidate inside the range. Nothing much to expect at the moment. On the upside, there is daily SMA 200 as upside target. As long as the pair stays above 1.1120 there is a chance for further upside.

today critical levels to watch:

Support: 1.1120, 1.1000, 1.0900

Resistance: 1.1185

GBP/USD

GBP/USD testing 1.3000 resistance event after Brexit proposals voted down by UK parliament. The market seems to price in the extension of Brexit deadline but stays pessimistic it will change the result. At the current time, GBP/USD will trade between 1.2800 – 1.3000.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY higher in the previous day and set to test 109.00 – daily SMA 200 again. Today the pair under pressure but might maintain the position near its opening level. Traders will wait until the pair reach resistance before placing any positions.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD cleared the channel resistance and continue higher. At the current time the pair testing previous month high and looking for breakout above it. Without any breakout above the high then USD/JPY will continue its bearish trend and will attempt to move back inside the bearish channel.

Today critical levels to watch:

Support: 0.6800, 0.6750, 0.6700

Resistance: 0.6900

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