USDX (USD Index)
The index slowly pointed upward after the bounce from the daily SMA 200 and 97.50 handle. It might continue upward but this week traders and investors will focus on the Fed interest-rate decision. Rate-cut might hinder the upward movement of the index. On the other hand, if no rate-cut or more hawkish comment given then the U.S dollar index might continue its bullish movement.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 28 October – 1 November 2019
EUR/USD
The pair continues its bearish movement after the close below 1.1120. It could be the sign that EUR/USD will weaken further and target 1.1000. At the current time, traders will wait for a further clue while letting the pair corrected further lower. There is a possibility that the pair will reverse upside after the Fed interest-rate announcement. Just stay cautious for now.
today critical levels to watch:
Support: 1.1000, 1.0900
Resistance: 1.1120, 1.1185
GBP/USD
GBP/USD is under pressure but maintains the position above 1.2800. The pair might continue trade sideways as the EU plan to grant extension toward the Brexit deadline. However, the plan postponed until the UK election completed. At the current time, GBP/USD might continue 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
There is not much movement happened in USD/JPY. The pair traded near 109.00 and daily SMA 200 the entire week. This week, the pair expected to continue its sideways movement.
Today critical levels to watch:
Support: 107.40, 107.00, 106.70
Resistance: 109.00
AUD/USD
AUD/USD closed near 0.6820 and the top of the channel. The pair is in a neutral state, waiting for reactions from both levels. AUD/USD next direction will depend on the reaction by the end of this week. A close below 0.6820 and the channel will trigger bearish continuation. On the other hand, major bullish bounce from both levels will trigger a new bullish leg.
Today critical levels to watch:
Support: 0.6800, 0.6750, 0.6700
Resistance: 0.6900