Forex Daily Outlook – March 13, 2019

By:

Published: Mar 13, 2019, 09:59 UTC

EUR/USD The Euro rallied higher during Tuesday's session reaching towards the 1.13 level, an area which has a strong resistance. The market is likely to

EUR/USD

The Euro rallied higher during Tuesday’s session reaching towards the 1.13 level, an area which has a strong resistance. The market is likely to continue to consolidate, with 1.15 level acting as the top of the consolidation area. With both central banks showing restraint towards rate hike and loose with their monetary policy, the pair is likely to remain choppy and witness range bound trade. …Read More

GBP/USD

The British Pound pulled down significantly during yesterday’s session, as the Brexit deal presented by British PM Teresa May got rejected in the parliament. Going forward, the possibility of no deal Brexit increased a lot and will be a shock to the system. The pair is likely to witness selloff on every rally as the momentum has turned weak. The 1.27 level underneath is massive support and a break below could send the market towards the 1.25 level and much below. …Read More

AUD/USD

The AUD pulled down a bit during yesterday’s session, but the 0.7050 level underneath is offering support to bounce around the region. The pair is also pressing at the major resistance level, placed at 0.71 level and if it breaks above, it will help the market to reach towards the 0.72 level. With 0.70 level underneath offering strong support, short term pullbacks should be a buying opportunity. …Read More

USD/JPY

The USD initially tried to rally during yesterday’s session but is struggling at the 111.50 level. Also, the pair is sitting at the 200 Day EMA, which is offering strong support. If it breaks below this region, then it will probably unwind and reach down towards the 110 level or much lower. If the pair succeeds to break above the 111.50 and 112 level, then more buyers to return to the market. …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.