Forex Daily Outlook – October 12, 2018

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Published: Oct 12, 2018, 08:33 UTC

EUR/USD The Euro rallied during the Thursday's session on the back of weak US CPI data reaching towards the 1.16 level, which is offering a bit of

EUR/USD

The Euro rallied during the Thursday’s session on the back of weak US CPI data reaching towards the 1.16 level, which is offering a bit of resistance. The market is likely to get choppy around this region and in case of a pullback, the 1.1550 level will be offering a strong support to the market. Pullbacks like these will continue to be offering a nice buying opportunity and in case of a break above the 1.16 level, it will be looking towards to reach the 1.17 level. …Read More

GBP/USD

The British Pound continued its bullish streak during the Thursday’s session as it broke above the 1.32 level again. The pair is likely to continue finding enough bullish pressure to move higher but will get difficult at higher levels as the risk related to Brexit outcome increases. Occasional pullbacks are attracting smart money into the market and if it breaks lower, then 1.3125 level will offer a strong support to the market. …Read More

AUD/USD

The AUD bounced higher after the weak CPI figures came out of the US in yesterday’s session but is likely to face a strong resistance at the 0.7125 level. The weak fundamentals for the Australian economy couple with US-China trade wars and strong USD will continue to keep AUD under pressure. The 0.70 level is likely to offer hard support and if it breaks further then it can reach as low as 0.65 level in the next several weeks. …Read More

USD/JPY

The USD fell sharply against the JPY in yesterday’s session as weakness in the global equity market continues to hammer the pair lower and also weak CPI data was added to the misery. The 112 level underneath looks supportive and a slight bounce can send the pair towards the 113 level and above where there is a significant amount of supply in the market. The market is expected to be extremely volatile until the global equity market stabilizes. …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.