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Forex Daily Outlook – October 15, 2018

Colin First
EUR/USD daily chart, October 04, 2018

EUR/USD

The Euro rallied significantly during the early session of Friday but pulled back only to find support underneath. The 1.15 level is a strong psychological support underneath and will attract a lot of value traders to send this market higher towards the 1.16 level. The Italian debt crisis is still affecting to Euro to break lower which is expected to take time to settle down and 1.1450 level underneath is acting a floor of this market. …Read More

GBP/USD

After rallying significantly in the Friday’s session, the Euro pulled back to reach down towards the 1.3150 level. The market has rallied significantly in the last couple of sessions, as this pullback was expected. The 1.3125 level underneath is a strong support point and buyers are likely to pick this market lower. The Brexit headline is going to keep this market volatile and if this market breaks the 1.3125 level, then it can easily break down towards the 1.30 level. …Read More

AUD/USD

The AUD rallied higher on the Friday’s session but ran into a short-term resistance around the 0.7120 level. The pair is likely to continue trade in a range bound fashion with 0.7250 level is the higher band offering strong resistance and 0.70 level acting as a hard support. The market is likely to continue in this mode only until there is any change of fundamentals. …Read More

USD/JPY

The USD initially tried to rally during the Friday’s session but broke significantly as USD has been losing strength as of late. The 61.8% in Fibonacci scale is offering a bit of support and also attracting buyers into the market. The 113 level will be offering strong resistance and if it broke above this level then it can again target for the 114.50 level again. …Read More

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