Forex Daily Outlook – December 4, 2018

Colin First

EUR/USD

The pair initially tried to rally towards the 1.14 level during the Monday’s session but rolled over again to reach towards the 1.1350 level which is acting as a magnet. After the US-China trade war cease-fire announcement, the pair is witnessing a bit of risk-on move and also sluggish economic activity in the European Union pulling the market down. If the pair breaks the 1.13 level, then it will eventually reach down to the 1.11 level. …Read More

GBP/USD

The pair had a negative start for the week, testing the 1.27 level for support and if it breaks below the descending triangle formation on the hourly chart, it will be very negative and then could reach down to the 1.22 level. The rallies will continue to be a nice selling opportunity and if the pair manages to break above the bearish formation, then it could reach towards the 1.35 level. …Read More

AUD/USD

The AUD gapped higher against the USD in yesterday’s session, breaking above the 0.7350 level as US and China agreed on to resume the trade negotiations. If the pair is now heading towards the 0.75 level, which will be very difficult for the market to break above. If AUD falls, then the 0.72 level underneath should offer strong support. …Read More

USD/JPY

The pair gapped higher during the yesterday’s session on the reaction to the resumption of US-China trade talks but wiped off all the gains moving forward. The pair has a lot of resistance around the 114 level, extending up to the 115 level. The 200 Day EMA line underneath is acting as a strong support line and it is breached, then the pair could hit the 111 level. …Read More

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