Forex Daily Outlook – October 22, 2018

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Published: Oct 22, 2018, 07:47 UTC

EUR/USD The Euro technically is finding a lot of support around the 1.15 level and is trying to rally above using the support. The pair has recently

EUR/USD

The Euro technically is finding a lot of support around the 1.15 level and is trying to rally above using the support. The pair has recently formed a double bottom pattern, which is typically a bullish reversal pattern. If the pair stays above the 1.15 zone, it will continue to attract buyers to which will eventually send the market higher. If the pair breaks below the double bottom formation, it would be extremely negative and could send the pair towards the 1.1350 level. …Read More

GBP/USD

The British Pound initially fell down towards the 1.30 level but got plenty of support to bounce back. This pair currently is mostly driven by the headlines associated with Brexit. Overall, this market in the long term is expected continue to favour the upside trend. The 1.30 level underneath will continue to be a structural and psychologically important level and if it breaks down below this point, the market will turn bit bearish. …Read More

AUD/USD

The AUD rallied during the Friday’s session but the 0.7150 level is offering a string resistance and might be difficult to break above until and unless there is any positive outcome from the US-China trade relations. The market will continue to be extremely noisy and 0.71 level and 0.70 level will be important support levels. Going forward, it will be a sell on rallies market as the momentum is unlikely to change. …Read More

USD/JPY

The USD rallied a bit against the JPY during the Friday’s session as it has been trying to form a bit of base underneath around the 61.8 per cent Fibonacci retracement scale. The pair now is likely to rally higher towards the 113 level and a break above could send the pair towards the 113.50 level and above. The pair is under pressure also due to weak global stock market. …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.