USDX (USD Index)
The bearish movement in the Wednesday trading session is watched on the U.S dollar index. Fortunately, even though it managed to move lower than Tuesday pin bar low, it closed inside the candle range. The close inside Tuesday range nullify the bearish pressure and open another chance for the index to test 94.00. Better than expected data from U.S will help the index stick near 94.00 before tomorrow Non-farm employment data.
News to watch
08.30 AM U.S Unemployment Claims estimated 266k benefit claimer.
For full outlook for this week, you can follow Forex Outlook For The Week 2 – 6 Oct 2017
Technical Analysis
EUR/USD
The movement of EUR/USD contained inside 1.1710 – 1.1820 and might continue until the release of Non-farm employment data. Today, the pair expected to test the lower range of the consolidation. Expect a limited movement with possible break downside.
Today critical level to watch:
Support: 1.1710
Resistance: 1.1820, 1.1900, 1.1925, 1.2000
GBP/USD
GBP/USD bulls look in a disadvantage as the pair stick below 1.3250. There is no continuation yet for the current bearish move, but it is possible for GBP/USD to make a sudden move lower toward 1.3000.
Today critical level to watch:
Support: 1.3250, 1.3000
Resistance: 1.3300, 1.3342, 1.3400, 1.3450, 1.3500
USD/JPY
USD/JPY recovered from sell-off on Wednesday, the pair closed inside Tuesday range which is neutral. The pair will look for 113.20 test, and a break above this level will lead USD/JPY toward 114.50.
Today critical level to watch:
Support: 112.50, 112.00, 111.60, 111.00, 110.50
Resistance: 113.00, 113.20, 114.00
AUD/USD
AUD/USD reached the top of range 0.7875 in the previous day. However, the bullish advantage does not hold as the bear start the day with a bearish push. The bearish push drives the pair back to its previous day low. If the bear could push the price further lower, it will test 0.7800 – 0.7807 and might continue toward 0.7690 – 0.7750 if the support is broken.
Today critical level to watch:
Support: 0.7800, 0.7750, 0.7690
Resistance: 0.7875, 0.7900, 0.7970, 0.8000, 0.8100