Forex Daily Outlook – October 1, 2018

By:

Published: Oct 1, 2018, 08:31 UTC

EUR/USD The pair fell hard during the Friday's session slicing through the 1.16 level, as the concerns relating to the Italian debt crisis continues to

EUR/USD

The pair fell hard during the Friday’s session slicing through the 1.16 level, as the concerns relating to the Italian debt crisis continues to weigh upon the currency. Also, the strength in the USD played a role to break the market harder. The 1.15 level underneath is extraordinarily supportive and also the bottom of the long-term consolidation. The market will continue to find upward pressure as buyers as due to the cheap and attractive valuations. …Read More

GBP/USD

The British Pound broke down lower during the Friday’s session reaching down to the 1.3025 level. The 1.30 level underneath is a structurally important level and will continue to offer strong support to the market. Technically these dips will continue to offer an excellent buying opportunity and as long as the market stays above the 1.30 threshold, buyers will continue to flock the market. A break below this level will be a very negative sign. …Read More

AUD/USD

The AUD continued to trade under a negative pressure during the Friday’s session as it tested for support at the 0.72 level. At this point, it will be difficult for the market to find any kind of bullish pressure due to the strong dollar and worsening US-China trade relations. If the market breaks the 0.72 level, it will be looking towards the 0.7150 level, an area which has been supportive more than once. The market needs a certain amount of trigger in order to reverse its momentum and continue higher. …Read More

USD/JPY

The USD continued to show signs of strength as the pair on Friday broke above the resistive major downtrend line which was offering strong resistance to make fresh new highs. By doing this, the pair is likely to reach towards the 114.50 level next and buying on dips will continue to offer a nice buying opportunity. The 113.25 level should continue to offer strong support that extends down to 113 level. …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.