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Forex Daily Outlook – November 12, 2018

By:
Colin First
Published: Nov 12, 2018, 11:33 UTC

EUR/USD The sell-off in the EUR/USD pair continued in the Friday's session as it reached down to the 1.13 level, an area which is supportive. The Italian

Forex Daily Outlook – November 12, 2018

EUR/USD

The sell-off in the EUR/USD pair continued in the Friday’s session as it reached down to the 1.13 level, an area which is supportive. The Italian debt crisis and the Fed’s hawkish attitude on further rate hike are keeping the market under pressure. Short-term rallies continue to be a nice selling opportunity and a break below 1.13 level will eventually send the market towards the 1.12 and 1.10 level. …Read More

GBP/USD

The British Pound has broken down during the Friday’s session, breaking below the supportive 1.30 level. The market is facing a lot of uncertainty around Brexit and rumors around it is throwing the market away from its track. The 1.27 level underneath is a strong support point and the market is likely to gain enough strength to continue moving higher. …Read More

AUD/USD

The AUD fell slightly during the Friday’s session after trying to break higher of previous day’s high, but the 0.73 level is a massive resistance zone. The market has rallied significantly in the last few sessions and is likely to pull back a bit from here. The market has broken above its long-term downtrend line, which is bullish but the fundamentals are still weak. Because of this, the market will continue to be volatile and likely trade rangebound. …Read More

USD/JPY

The pair continues to hover just below the $1.14 level as due to lack of any news element in the market. In the long term, Fed’s hawkish outlook on rate hike will continue to support the market higher. The 1.14 level is proving to be extremely resistive, which extends up to the 1.1450 level, and if it breaks above then it will be extremely bullish and move further higher. …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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