Forex Daily Outlook – October 23, 2018

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Published: Oct 23, 2018, 07:31 UTC

EUR/USD The Euro initially tried to rally against the USD, but 1.1550 level offered a strong resistance and fell lower. Right now, the pair has breached

EUR/USD

The Euro initially tried to rally against the USD, but 1.1550 level offered a strong resistance and fell lower. Right now, the pair has breached the important support level at 1.15 level and hovering just above the 1.1450 level which is also a strong support. Most of the downturn is likely to due to the fear coming out from the Italian debt crisis coupled with the strong dollar. If it breaks the double bottom formation, it will be extremely negative for the market. …Read More

GBP/USD

The pair has breached the important support level of 1.30 and is currently trading around the 1.2950 level. Overall weakness in the counter is likely due to Brexit fears and strong USD. Currently, bears are in the tight grip of the market and downfall is likely to continue. If the pair manages to break above the 1.30 level again, then it can attract buyers back into the market. …Read More

AUD/USD

The AUD pulled back during the yesterday’s session reaching down to the 0.71 level, which is offering a bit of support and the market is also consolidation around this area. The market is under the hostage od US-China trade relations and until it improves, the bearish pressure is likely to continue. The 0.71 and 0.70 level underneath are strong support points of the market and a breach could be extremely negative. …Read More

USD/JPY

The USD rallied higher during the yesterday’s session as it is finding enough support underneath. The market is currently on buying on dips mode as USD is also gaining strength against most of the currencies. A break above the 113.25 level will attract a large number of buyers as the market turned around previously from here. The market has plenty of support underneath and will continue to rise. …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.