Forex Daily Outlook – January 23, 2019

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Published: Jan 23, 2019, 10:01 UTC

EUR/USD The Euro has stabilized just above the 1.1350 level and is testing a short uptrend line. The pair is witnessing a lot of pressure over the last

EUR/USD

The Euro has stabilized just above the 1.1350 level and is testing a short uptrend line. The pair is witnessing a lot of pressure over the last few sessions and if it breaks below the 1.13 handle, then it would be very negative. If it manages to break above the 50 Day EMA, which is offering a stiff resistance, then it can reach much higher towards the 1.15 level. …Read More

GBP/USD

The British Pound has rallied significantly in yesterday’s session, reaching towards the 1.2950 level and is continuing to witness buying underneath which is supporting the market higher. The 200 Day EMA is offering a bit of resistance to the market and if it breaks above there, then trend change is somewhat possible. The 1.27 level underneath is a strong support point for the pair and is unlikely to be broken unless there is a drastic change in fundamentals. …Read More

AUD/USD

The AUD pulled back a little during the yesterday’s session, reaching down towards the 0.71 level and breaking significantly below the 50 Day EMA. The selling pressure is likely to continue further with 0.70 level is the next major support. It is likely that the pair will continue to consolidate and trade range bound between the 0.70 and 0.7250 level in the medium to long term. …Read More

USD/JPY

The USD is holding above the 109 level against the JPY for quite some time, as the market is witnessing a bit of support underneath. Until the market breaks above the 110 level, there is always a selling pressure in the counter with major supports at 108 level and 105 level underneath. The market will remain choppy as it goes ahead due to the dovish attitude of the Federal Reserve on future rate hikes. …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.