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Forex Daily Outlook – October 16, 2018

Colin First

EUR/USD

The initially gapped lower during the Monday’s session in a bit of risk-off move, but then started to rally higher as American came on board. The 1.16 level is continuing to offer a bit of resistance to the pair and if it breaks higher then it next major stop for the market will be at 1.17 level. The market is still in the consolidation phase and 1.15 level underneath will be the strong support point for the pair. Buying on dips will be the right strategy for this market. …Read More

GBP/USD

The pair gapped lower to kick off the week but then started to rally immediately as it found enough buyer’s interest. The uptrend in the pair is still intact and likely to reach towards the 1.3250 level which is offering a bit of resistance to the market. If it breaks higher, then it can reach much higher but will remain volatile as Brexit concern still looms over the market. …Read More

AUD/USD

The AUD was resilient during the Monday’s session bouncing from the 0.71 level but the market has still not loosened the bearish grip and 0.72 level above should offer a strong resistance. If the market turns around breaks below the 0.71 level, then it will probably go down towards the 0.7050 level and 0.70 level. The market will remain under pressure as long as the sour US-China relations improve. …Read More

USD/JPY

The USD pulled back lower during the Monday’s session but did find support near the 111.50 level. This area has been extremely resistive in the past and now is offering a strong support to the market. The 112 level will still attract a lot of traders around the market and once it crosses above the 112.50 level will send the market much higher but will be difficult also. …Read More

 

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