Forex Technical Major Pairs analysis October 23, 2019

USDX (USD Index)

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U.S dollar index closed on the bullish side yesterday and might indicate bounce from the daily SMA 200. The index currently extends its gain above the previous day high. Will the index bounce from the support level and start moving higher toward 98.25?

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 continues its movement between 1.1120 – 1.1185. The pair slightly lower below 1.1120 today but as long as there is no break out of the range then EUR/USD will continue its ranging movement. At the current time, traders will observe where the pair close at the end of the day.

today critical levels to watch:

Support: 1.1120, 1.1000, 1.0900

Resistance: 1.1185

GBP/USD

GBP/USD rejected from 1.3000 resistance and start moving lower. The pair closed below Monday low which means 1.2800 almost guaranteed. At the current time, traders will continue to use the 1.2800 – 1.3000 range as a reference area to take positions.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

USD/JPY drifted lower below the previous day low, but the pair recovered most of its losses today. We might see the pair continue to stick near 109.00 or daily SMA 200 until there is news catalyst for the next movement.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD could not print a higher high above the previous month high and it started to move lower. 0.6820 is the downward target for current movement and traders could look for long positions when the pair reaches the support level. However, if the pair continues lower and break below 0.6750 and the bearish channel then it is better to avoid long positions.

Today critical levels to watch:

Support: 0.6800, 0.6750, 0.6700

Resistance: 0.6900

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