Forex Daily Outlook – January 4, 2019

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

EUR/USD

The pair bounced higher from the 1.13 region in the Thursday’s session reaching towards the 1.14 level. Until the pair crosses above the 1.15 level and 200 Day EMA, selling pressure will continue. Weak economic numbers from Europe, Brexit and Fed’s dovish stance on rate hikes will continue to keep the pair volatile and will grind back and forth. …Read More

GBP/USD

The British Pound crashed below the 1.25 level in yesterday’s session but has recovered since then. The market will continue to be a sellers paradise and every rally will be followed by selling. The next support level is placed at the 1.22 level and until there is clarity in the market about the Brexit issues, the pair will continue to remain choppy. …Read More

AUD/USD

The AUD managed to recover during the yesterday’s session reclaiming the 0.70 level above. However, questions over recovery in the Chinese economy and job figures from the US will keep the market volatile and rallies will be followed by strong selling pressure. The 0.7250 level above will continue to be massively resistive and has strong support at the 0.68 level. …Read More

USD/JPY

Strong selling pressure continued through the Thursday’s session, reaching below the 105 level at one point but has turned around towards the 108 level. With the slowdown in the global economy, the pair will continue to witness selling pressure and 110 level above will be the ceiling of the market. …Read More

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