Forex Daily Outlook – December 20, 2018

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Published: Dec 20, 2018, 15:32 UTC

EUR/USD The pair was bit volatile during the Wednesday's session ahead of the Federal Reserve's outcome on the rate hike decision. Now with the Fed moving

EUR/USD

The pair was bit volatile during the Wednesday’s session ahead of the Federal Reserve’s outcome on the rate hike decision. Now with the Fed moving ahead with a quarter-point rate hike, the market in the short term is likely to face a bit of upside resistance and will trade in a range bound fashion. Until the pair breaks above 1.15 level, the overall momentum will be negative. …Read More

GBP/USD

The British Pound is struggling around to break above the 1.27 level and on Wednesday’s session also, the pair continued to show resistance above the 1.27 level. The dual effect of Federal Reserve hiking interest rates and Brexit headlines will keep the market under pressure. Rallies in the market will continue to be a nice selling opportunity until it breaks above the 1.2850 level. …Read More

AUD/USD

The AUD has broken down significantly in yesterday’s session and is currently trading above the 0.7050 level. With Federal Reserve hiking interest rates and US-China trade wars, the market is unlikely to recover soon and if it breaks below the 0.70 handle, then it next major support is at 0.68 level. The 0.7250 level above should offer strong resistance to the pair. …Read More

USD/JPY

The pair continued to remain soft in the Wednesday’s session and despite the Federal Reserve hiking interest rate, the weakness persisted in the market. The pair is now struggling to hold the 112 level and is likely to test the 200 Day EMA line underneath and if it breaks below then, it could possibly reach towards the 110 level. …Read More

About the Author

Colin Firstauthor

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