Forex Technical Major Pairs Analysis | October 27, 2023

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USDX (USD Index)

The U.S. dollar index appears to have weakened in today’s trading after three days of increases. If the decline continues then there will be attempts to bring the index down further. Trend-wise, there is still no change in the bullish trend so traders should not enter short positions on the U.S. dollar.

EUR/USD

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EUR/USD reversed upwards before reaching 1.0500. The pair is still in the range 1.0500 – 1.0650 for now and consolidation will continue. As previously written, at this time the pair will try to form a higher swing low point to continue its upward movement. If the pair can make a higher swing low point and then form a higher swing high point then the trend can turn bullish.

Today’s critical levels to watch:

Support: 1.0500

Resistance: 1.0650, 1.0800, 1.0900, 1.1000, 1.1120, 1.1185, 1.1300, 1.1360

GBP/USD

GBP/USD reached 1.2100 and showed a bounce reaction from that point. The pair is moving up today and will try to move towards 1.2200. The pair’s consolidation between 1.2000 – 1.2200 will continue at this time and traders will wait for a close outside the range to confirm the next direction.

Today’s critical levels to watch:

Support: 1.2100, 1.2000

Resistance: 1.2200, 1.2625, 1.2800

USD/JPY

USD/JPY experienced selling pressure today and returned below the 150.00 mark. If selling pressure continues to increase and the pair goes down with strong bearish momentum then the direction of the trend may change to bearish. As written in the previous analysis, if the pair continues its weakening then the point 145.00 will be the target for decline.

Today’s critical levels to watch:

Support: 147.00, 145.00, 141.00

Resistance: 150.00

AUD/USD

AUD/USD has formed a lower low yesterday and is at risk of further decline. Currently, the pair appears to be moving up and testing the resistance point. There has been no change in the bearish situation as long as the pair is still below 0.6500 and has not formed a higher swing high point.

Today’s critical levels to watch:

Support: 0.6170, 0.6000

Resistance: 0.6500, 0.6700, 0.6750, 0.6820, 0.7000

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