Forex Daily Outlook – January 3, 2019

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Published: Jan 3, 2019, 12:33 UTC

EUR/USD The EUR/USD pair started the year with negative sentiment, as it cracked below the 1.14 level to reach down towards the 1.1350 level. This

EUR/USD

The EUR/USD pair started the year with negative sentiment, as it cracked below the 1.14 level to reach down towards the 1.1350 level. This indicates how fragile the market is as there has been a major risk-off move around the world. The 1.15 level above will continue to offer strong resistance with massive support at 1.12 level. Until there is any clarity on the Brexit situation, the pair will continue to remain choppy. …Read More

GBP/USD

The British Pound broke down significantly in yesterday’s session, reaching down to the 1.25 level. The market will continue to witness selling pressure on every rally due to the Brexit issue. The 50 Day EMA above is offering a lot of resistance to the pair and is also turning lower, indicating of further selling in the market. If the pair breaks below the 1.25 level, then it will easily reach down towards the 1.22 level. …Read More

AUD/USD

The AUD has sliced through the important 0.70 level in yesterday’s session, which was offering strong support for quite some time now. The risk-off attitude in the market and strengthening of USD against the weaker commodity currencies will continue to put pressure on the market. The 0.68 level underneath is a major support for the market with 0.70 and 0.7250 level above will offer a lot of resistance. …Read More

USD/JPY

The USD has breached multiple strong support levels in yesterday’s session, reaching down to the 106 level. This has been extremely bearish and is likely to break down further. The 110 level above should offer strong resistance, and any short-term rallies in the market will be a good selling opportunity. A break below 105 level, could break the market towards the 100 level. …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.