Forex Daily Outlook – November 8, 2018

By:

Published: Nov 8, 2018, 07:32 GMT+00:00

EUR/USD The Euro was extremely volatile during Wednesday's session mainly because of the US midterm election outcome. The pair is now trying to break

EUR/USD

The Euro was extremely volatile during Wednesday’s session mainly because of the US midterm election outcome. The pair is now trying to break above the 1.15 level but is offering a significant resistance. The market is expected to continue choppy and 1.13 level underneath will be offering maximum support to the pair. …Read More

GBP/USD

The strong momentum in the GBP/USD pair continued through the Wednesday’s session, breaking above the short-term downtrend line, which was offering a bit of resistance and also 1.31 level. The bullish spurt in the market is likely due to the reaction of the US midterm election outcome, which is not in favour of Trump administration. Underneath, the 1.30 and 1.27 level will be offering strong support to the pair. …Read More

AUD/USD

The AUD was extremely bullish in yesterday’s session as it managed to break above the long-term downtrend line, which had turned extremely resistive. By doing this, the market is likely to move further higher, likely towards the 0.73 level. If the pair pullbacks from here, then most likely it would be the case of a false breakout. The current scenario favours the AUD and if it breaks above the 0.73 level, then easily it could reach towards the 0.75 level. …Read More

USD/JPY

The USD traded in a back and forth momentum against the JPY in yesterday’s session, as the market looks confused about the future direction. In the short term, the market is likely to be negative with supports at the 112, 111.50 and 111 level, which will offer a great buying opportunity in the market. In the alternate case, if it moves higher then 114.50 level will offer massive resistance. …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.