Forex Technical Major Pairs analysis October 9, 2019

USDX (USD Index)

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U.S dollar index continues to trade between trendline and 99.40 resistance. The index bounced from the trendline yesterday but it currently testing the trendline again today. As long as there is no break out of the range then the U.S dollar index will continue its consolidation with a bullish bias.

News to watch

10.30 AM U.S Crude Oil Inventories, forecast surplus of 1.8 million barrels

11.00 AM U.S Fed Chair Powell Speaks

For full outlook for this week, you can follow Forex Outlook For The Week 7 – 11 October 2019

EUR/USD

EUR/USD rejected from 1.1000 resistance yesterday but the pair immediately reverse its losses today. At the current time, the pair is testing the trendline and looking for an upside breakout. Will the pair continue upward and close above 1.1000? Alternatively, will it get rejected and start a new bearish leg?

today critical levels to watch:

Support: 1.0900, 1.0800

Resistance: 1.1000, 1.1120

GBP/USD

GBP/USD pushed lower yesterday but no close below the previous week low yet. The pair might attempt to move upward and avoid bearish continuation. If the pair move lower below the previous day low then we could expect the pair to continue to move down to 1.2100.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2300, 1.2400, 1.2500, 1.2600

USD/JPY

USD/JPY settled inside 106.70 – 107.40 and provide traders with a neutral outlook. The pair expected to continue its consolidation inside the range. Currently, the pair is testing the top of the range and might attempt a breakout. As long as there is no breakout and close outside of the range, USD/JPY will continue to move between 106.70 – 107.40.

Today critical levels to watch:

Support: 107.00, 106.70

Resistance: 107.40, 109.00

AUD/USD

No winner yet between the bull and the bear. AUD/USD stick near the bottom of the blue box area. Traders will continue to observe the pair reaction at the blue box area. Short positions are the best option, traders could take for now.

Today critical levels to watch:

Support: 0.6700

Resistance: 0.6800, 0.6900

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