USDX (USD Index)

A bullish reaction happens in the U.S dollar index today. The index launch upward from 97.50 and the daily SMA 200. It could be the initial sign that the index will start a new bullish leg. If the bullish pressure continues then we could expect the index to target 98.25 resistance.

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 losing ground and fall below 1.1120 support level. The pair is at the risk of further weakness in the coming day. If the bearish pressure continues then we could expect EUR/USD to reach 1.1000 in the short-medium-term. However, if the pair could return inside 1.1120 – 1.1185 range by the end of the week then it might continue consolidation inside the range.

today critical levels to watch:

Support: 1.1000, 1.0900

Resistance: 1.1120, 1.1185

GBP/USD

GBP/USD traded lower and reach 1.2800 support level today. No breakout of 1.2800 – 1.3000 range yet which means the pair will continue its ranging movement for now. Traders could look for long positions when the bearish pressure recedes.

Today Critical level to watch:

Support: 1.2800, 1.2625, 1.2600, 1.2500

Resistance: 1.3000

USD/JPY

No change to the outlook of USD/JPY yet. The pair traded sideway below 109.00 and the daily SMA 200 and expected to continue trade near both resistances. Traders will wait for sideline for now and wait for further clues.

Today critical levels to watch:

Support: 107.40, 107.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD pushed lower after the failure to surpass September high. The pair currently testing the 0.6820 and the broken channel. It is a critical moment for the pair. If the pair could bounce from both support level then we could expect a continuation of the bullish trend. However, if the pair closes inside the channel range or below 0.6820 then AUD/USD might resume its long-term bearish trend.

Today critical levels to watch:

Support: 0.6800, 0.6750, 0.6700

Resistance: 0.6900