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Forex Daily Outlook – December 24, 2018

Colin First

EUR/USD

The Euro on Friday’s session tried breaking higher above the 1.15 level against the USD, but due to strong resistance above the pair rolled back to breach the 1.14 level again. The market is likely to chop around for next several session because of the low liquidity particularly in this time of the year. The 1.12 level underneath should offer strong support to the pair. …Read More

GBP/USD

The British Pound continued to chop around the 1.27 level in the Friday’s session as the level above is massively resistive. With worries related to the Brexit and dovish attitude of the US Fed, the market will continue to trade in a narrow range. With low liquidity in the global market, any major move is very unlikely for the next couple of sessions. …Read More

AUD/USD

The AUD went back and forth during the Friday’s session as it approached the major support line. Until the US-China trade war gets resolution, the pair is likely to continue trade under pressure and if it breaks below the 0.70 level, then it could possibly reach towards the 0.68 level. The 0.7250 level above will continue to be a major resistance for the pair. …Read More

USD/JPY

The USD has changed its course after the Fed’s statement on future rate hikes. The pair is now trading below the 200 Day EMA line and also has broken below the major uptrend line. A break below 111 level, would send the market towards the 110 level and 108 level eventually. Due to less liquidity, the market is likely to chop around without any major moves. …Read More

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