Forex trading strategy 11/20/2019


Forex technical analysis:
On Tuesday, the DXY hovered near flat levels, attempting to find directions. The Commerce Department’s latest construction permit data hit its highest point since the 2007 financial crisis, and the Fed’s Number 3 was relatively upbeat, but DXY remained in the doldrums. Williams stated the economy is in good shape and is very close to meeting its inflation target. Spot GOLD has rallied about $9 from its lows to above the 1,470USD/Oz mark amid the USD slump. For today, markets are waiting for the minutes of the Fed’s meeting to be released Wednesday local time to get a better picture of what is going on within Fed officials.
Forex fundamental analysis:
The DXY’s rally on Tuesday was supported by 97.70, rebounding below 97.90 and closing at 97.85, meaning the USD short-term correction is likely to stay on a rally. If the DXY pullback is supported above 97.75 today, the quarry of the post-market rebound will point to 97.90-98.00. Today, DXY short-term resistance at 97.90-97.95, short-term important resistance 97.95-98.00. DXY short-term support at 97.75-97.80, short-term important support at 97.65-97.70.
EUR/USD rebounded below 1.1085 on Tuesday, with a correction above 1.1060 and closing at 1.1078, meaning the EUR/USD short-term rally is likely to maintain the correction. If EUR/USD bounces below 1.1090 today, the quarry of the post-market correction will point to 1.1065-1.1050. Today EUR/USD short-term resistance at 1.1085-1.1090, short-term important resistance at 1.1095-1.1100. EUR/USD short-term support at 1.1065-1.1070, short-term important support at 1.1050-1.1055.
Forex Trading Strategy Recommendations:
EUR/USD: 1.1090 Sell, 1.1110 Stop Loss, 1.1050 Take Profit
GBP/USD: 1.2950 Sell, 1.2990 Stop Loss, 1.2870 Take Profit
USD/CHF: 0.9890 Buy, 0.9865 Stop Loss, 0.9940 Take Profit
USD/JPY: 108.80 Sell, 109.05 Stop Loss, 108.20 Take Profit
AUD/USD: 0.6800 Buy, 0.6780 Stop Loss, 0.6850 Take Profit
USD/CAD: 1.3235 Buy, 1.3200 Stop Loss, 1.3335 Take Profit