Forex Daily Outlook – December 5, 2018

Colin First
EUR/USD daily chart, October 23, 2018
Money

EUR/USD

The pair managed to break above the 1.14 level initially during the yesterday’s trade but due to significant resistance above, it rolled over to reach down towards the 1.13 level again. The market continues to be volatile amid concerns surrounding the EU related to its economic activity and Italian debt crisis. Going forward in the short to medium term, the pair will continue to consolidate between the 1.13 and 1.15 level. …Read More

GBP/USD

The British Pound continues to trade volatile and in yesterday’s session it has reached down to the 1.27 level, testing for support around. If it breaks below the descending triangle formation, it has formed in the hourly chart, then the pair could break down to the 1.25 level and 1.22 level eventually. Going forward, rallies in the market will continue to be a great selling opportunity as due to the absence of strong fundamental and technical push. …Read More

AUD/USD

The bullish sentiment around the pair after the US and China agreeing to temporarily halt imposing new tariffs has pushed AUD higher. The pair is trying to break above the 0.74 level, in order to reach towards its next major stop around the 0.75 level. Pullbacks will continue to attract buyers and if it breaks below the 0.7250 level, then it will open the doors towards the 0.70 level. …Read More

USD/JPY

The USD continues to trade weak and volatile against the JPY and in yesterday’s session, it has broken below the supportive 113 level. The 200 Day EMA line underneath is massively supportive and could be an excellent buying opportunity it the pair moves closer to that line. It expected that this pair will continue to consolidate between the 112 and 114.50 level in next short to medium term. …Read More

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