Forex Daily Outlook – December 31, 2018

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Published: Dec 31, 2018, 07:23 UTC

EUR/USD The Euro initially rallied during the Friday's session but ran into resistance at the 1.1450 level and turned around. The market is likely to

EUR/USD

The Euro initially rallied during the Friday’s session but ran into resistance at the 1.1450 level and turned around. The market is likely to continue consolidating between the 1.12 and 1.1450 level without any big movements on either side. There are plenty of reasons which will keep this market volatile including the Brexit, economic concerns in the EU region and Fed’s approach towards interest rate. …Read More

GBP/USD

The British Pound continues to face extreme resistance at the 1.27 level and pulled back slightly. The 50 Day EMA continues to offer strong resistance and is likely to trade with a bearish pressure and could break down to the 1.26 and perhaps 1.25 level. Until the Brexit concludes, the pair will continue to trade extremely volatile and negative. …Read More

AUD/USD

The AUD bounced slightly higher during the Friday’s session trading above the 0.7050 level as due to signs of easing US-China trade relations. If the pair breaks below the 0.70 level, then it will be an extremely negative sign and could easily reach down to the 0.68 level. On the other hand, the 0.7250 level is massively resistive is going to be very difficult to break above. …Read More

USD/JPY

The USD continues to experience a lot of negativity as it failed to gather enough momentum to continue moving higher. The 110 level underneath continues to offer a bit of support but if it breaks, then it can easily reach down to the 108 level. The Fed’s dovish attitude on next year rate hikes and weak economic growth, the pair will continue to be a seller’s market until there is any significant change in fundamentals. …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.