USDX (USD Index)
We have U.S dollar index consolidated above 95.50 resistance and looking to print higher high above previous week high. The bullish pressure is apparent and we might have breakout soon. Traders could use the chance to take U.S dollar long position when the index retest 95.50 broken resistance.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 8 – 12 October 2018
Technical Analysis
EUR/USD
It is only a matter of time EUR/USD will resume its bearish movement and break previous week low. The pair has target at 1.1300 – 1.1360 which we expect will be reached in 1-2 weeks. Traders who are looking for the short position could watch the broken support 1.1500.
Today critical level to watch:
Support: 1.1360, 1.1300
Resistance: 1.1500, 1.1580, 1.1600
GBP/USD
1.3000 – 1.3050 is the vital area to watch for the bull and the bear. As long as there is no break out below the level, we could expect GBP/USD to bounce and move higher. Meanwhile, the pair expected to trade between 1.3000 – 1.3250 until breakout happens.
Today critical level to watch:
Support: 1.3000, 1.2800
Resistance: 1.3050, 1.3100,1.3125
USD/JPY
USD/JPY close the day near 113.20 and turn the outlook to neutral. The pair currently will look for direction either bounce from 113.20 toward 114.50 or breakout lower to test 112.50. Traders could use the moment to place long position at 113.20 when a bullish pattern formed. A long position near 112.50 also one of the best option to watch.
Today critical level to watch:
Support: 113.20, 113.00
Resistance: 114.00, 114.50, 115.00
AUD/USD
The same outlook as Yesterday, the outlook is bearish but shorting at the current level considered gambling. It is better to wait until pullback happens near 0.7160 before placing short position.
Today critical level to watch:
Support: 0.7000
Resistance: 0.7100, 0.7160, 0.7300, 0.7330