Forex Daily Outlook – December 6, 2018

Colin First
S & P 500 daily chart, September 24, 2018

EUR/USD

The pair hovered around the 1.1350 level mostly during the Wednesday’s session as the 1.14 level above continues to be massively resistive. The market is struck between the 1.13 and 1.15 range for quite some time now and rallies are proving to be a selling opportunity in the market. The market will continue to trade between this range until it breaks above the resistive 1.15 level with bullish momentum. …Read More

GBP/USD

The 1.27 level has been acting as a magnet for the pair as Parliament continues to debate on the potential deal with EU on Brexit. The market is likely to struggle to break higher given the negative set of headlines regarding the Brexit and if the pair goes below the 1.27 level, then it can reach down towards the 1.25 level and 1.22 level eventually. …Read More

AUD/USD

The pair has broken below the support at 0.7250 level in the yesterday’s session which is a bit of negative development for the AUD. If the pair manages to break above the 0.73 level again and 0.75 level, then it will confirm the complete reversal in the trend. In an alternate scenario, if the pair continues to move lower, then this could send the market towards the 0.68 level. …Read More

USD/JPY

The USD continued to trade with bearish pressure against the JPY in yesterday’s session with a lot of volatility. It seems that the pair is likely to test the support at 200 Day EMA line underneath, and if it breaks below then it may break down towards the 110 and 108 level. Rallies will continue to a nice selling opportunity until the pair breaks above the 114.50 level. …Read More

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