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Forex Daily Outlook – October 31, 2018

By:
Colin First
Updated: Oct 31, 2018, 08:10 UTC

EUR/USD The Euro is struggling to recover from the downward pressure of the last few sessions and in the process, it fell much lower. It has now broken

Forex Daily Outlook – October 31, 2018

EUR/USD

The Euro is struggling to recover from the downward pressure of the last few sessions and in the process, it fell much lower. It has now broken below the supportive 1.1350 level and is likely to fell down to the 1.13 level, based on the current momentum. If the market gets a bounce from here, the 1.14 and 1.1450 level will offer significant resistance, until there is a significant change in trend. …Read More

GBP/USD

The British Pound sold off drastically during the yesterday’s session breaking below the 1.2750 level and has pierced the previous downtrend line which was offering a bit of support. The market has turned extraordinarily negative, and if it breaks the 1.27 level, then major support is at 1.25 level. The market will continue to struggle due to the concerns around the Brexit negotiations. …Read More

AUD/USD

The AUD tried rallying higher using the support at 0.7050 level but the 0.71 level is offering massive resistance. The AUD is highly leveraged to the Chinese economy and the trade war with the US has negatively impacted the pair. The 0.70 level underneath is likely to offer strong support to the pair and also a psychologically significant figure, and a break could give away to more selling pressure. …Read More

USD/JPY

The USD rallied significantly during the yesterday’s session clearing above the 112.50 level, which is a very positive sign for the market. The market is likely getting ready to move further higher towards the 114.50 level, given the overall strength in the USD. The support for the market extends down to the 112 level, which will also offer a good buying opportunity. …Read More

 

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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