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Forex Daily Outlook – November 1, 2018

By:
Colin First
Published: Nov 1, 2018, 07:39 UTC

EUR/USD The selling pressure continued through yesterday's session as it broke below the 1.1350 level and is now likely to test the 1.13 level underneath,

S & P 500 daily chart, August 15, 2018

EUR/USD

The selling pressure continued through yesterday’s session as it broke below the 1.1350 level and is now likely to test the 1.13 level underneath, which is a strong psychological support for the pair. If it breaks below this level, then it will be extremely negative and will open the doors towards the 1.12 level or even lower towards the 1.10 level. Bounces are meant to sold and 1.1350 level will offer significant resistance. …Read More

GBP/USD

The market continued to noisy as it bounced from the 1.2750 level, which was offering a bit of support to break above the 1.28 level in the Wednesday’s session. By doing so, it has attracted back the buyers into the market and could easily break above the 1.2850 level. With traders getting prepared for no-deal Brexit, the volatility in the market could increase significantly and 1.27 level underneath will act a floor of this market. …Read More

AUD/USD

The AUD had been extremely volatile all through the yesterday’s session but managed to reach towards the 0.71 level, which is a bit positive for the market. The market is trying to build up momentum to the upside but the fundamentals are dragging the market below. Until this market crosses the 0.7250 level, this market will continue to in sell on rallies strategy. …Read More

USD/JPY

The USD rallied once again in yesterday’s session but is facing significant resistance just above around the 113 level. The overall momentum continued to remain bullish, and if it breaks above the 113.50 level, it will be a very positive development. The area underneath has a significant amount of support around the 112.50 level and will also attract buyers in the market. …Read More

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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