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Forex Daily Outlook – November 2, 2018

By:
Colin First
Published: Nov 2, 2018, 08:03 UTC

EUR/USD The pair had a surprise bounce in the yesterday's session, breaking above the 1.14 level, reversing the overall bearish trend. The pair is

Forex Daily Outlook – November 2, 2018

EUR/USD

The pair had a surprise bounce in the yesterday’s session, breaking above the 1.14 level, reversing the overall bearish trend. The pair is currently stationed above the 1.14 level and buyers are likely to take a lot of interest. If the job numbers from the US which is expected later today comes below the estimates, then this pair is likely to move higher towards the 1.1450 level. …Read More

GBP/USD

The British Pound rallied significantly during the yesterday’s session breaking above the crucial 1.29 level and is now targeting to break above the 1.30 level. This has been a complete reversal of sentiment in the market from its previous bearish trend. Today’s US job data is likely to keep the market noisy and a pullback is also expected after such a huge rally. A break above 1.30 level would show extreme bullishness in the market. …Read More

AUD/USD

The AUD spiked higher during the yesterday’s session breaking above multiple strong resistance levels. The pair is currently trading at the 0.72 level, the level seen after a long time. But, there has been no change in fundamentals and it is likely that the market will able to hold on to the gains and will fall back. The 0.7150, 0.71 levels are strong support points and if it breaks above the 0.7250 level, it will be extremely bullish. …Read More

USD/JPY

The USD struggled to break higher during the yesterday’s session against the JPY and fell lower to test for the support around 111.50 level. Today’s job numbers will likely to keep the market busy, and if stronger than expected numbers are posted, then it would break much higher towards the 112.50 level, or probably 113 level. Long-term outlook of the market is still bullish as long as rates are going 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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