Forex Daily Outlook – November 16, 2018

Colin First

EUR/USD

The pair initially rallied during the Thursday’s session but found enough resistance around the 1.1350 level to roll back and break below the 1.13 level. The market is thrown off the track by recent Brexit headlines, Italian debt crisis situation and Fed raising the interest rates. If the market breaks below the 1.12 level, then it could break further possibly towards the 1.10 level. The 1.1350 is massively resistive, that extends up to the 1.14 level. …Read More

GBP/USD

The British Pound is facing severe selling pressure after news hit the market that Britsh PM, Theresa May is struggling to close the Brexit deal and four of her cabinet ministers resigned over the issue. The market is currently hovering between the 1.27 and 1.2850 level and if it breaks below the formation, then it will be very negative and could probably break down to the 1.22 level. …Read More

AUD/USD

The AUD slightly rallied higher during the yesterday’s, breaking above the 0.7250 level. The market now is trying to break above the 0.73 region, from where the market had pulled back earlier. Until the US-China trade relation stabilizes, the market will continue to experience selling pressure and will be difficult for the market to rally. Short-term rallies will offer a nice selling opportunity in the market. …Read More

USD/JPY

The USD pulled back during the yesterday’s session as it is struggling to break above the 114 level, which has turned super resistive and extends up to the 1.1450 level. The 200 EMA is likely to offer strong support and likely to bounce from there. As the Fed is looking to increase rates in its next policy meet, this market will eventually find enough momentum to break higher and probably reach towards the 115 level. …Read More

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