Forex Daily Outlook – January 2, 2019

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Published: Jan 2, 2019, 08:27 UTC

EUR/USD The Euro remained stable around the 1.1450 level, as due to the lack of liquidity in the global market due to the holiday season. The pair is

EUR/USD

The Euro remained stable around the 1.1450 level, as due to the lack of liquidity in the global market due to the holiday season. The pair is likely to continue to struggle and will remain choppy and sideways as there are so many issues surrounding the EU economy and the Federal Reserve’s dovish attitude on future rate hikes. If the market breaks above the 1.15 handle, then it can reach towards the 1.16 level above. …Read More

GBP/USD

The British Pound managed to break higher above the 1.27 level in the Monday’s session and also the 50 Day EMA, which was offering a bit of resistance. If the pair breaks succeed above the 1.28 level, then it could go as high as 200 Day EMA before rolling over. The fundamentals of the pair have still not improved and is likely to witness selling pressure from time to time. …Read More

AUD/USD

The AUD tried rallying during the Monday’s session but faced strong resistance above and has pulled back a bit. The 0.70 level underneath is strong support for the pair and if it breaches below, then it can easily reach down to the 0.68 level. The pair is currently guided by the US-China trade relations and until the situation improves, it will continue to trade with negative sentiment. …Read More

USD/JPY

The USD continued with its bearish attitude in the Monday’s session and has broken below the 110 level. With most believing JPY to gain momentum in 2019 coupled with the Fed’s dovish attitude on future rate hikes, the pair will continue to see negativity. If it breaks below the 108 level, then it will confirm the bearish sentiment in the market. In the higher side, 110 and 112 level will continue to offer strong resistance. …Read More

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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.