Forex Daily Outlook – October 24, 2018

Colin First

EUR/USD

The Euro is struggling to keep afloat above the 1.1450 level which is a strong support zone which is a bearish indication for the market. With a lot of concerns coming from the Italian debt crisis and political headwinds from EU, this pair will keep trading under pressure. The pair is likely to continue in a back and forth momentum and if it breaks down, then it could make a fresh new low towards the 1.1350 level. …Read More

GBP/USD

The British Pound is showing signs of strength as in the yesterday’s session it tried to rally towards the 1.30 level. This level is important from a psychological point of view and a break above could attract a lot of buyers into the market. The market will continue to be noisy and struggle a bit with some type of Brexit agreements. Underneath, the 1.2850 level is a strong support point for the market. …Read More

AUD/USD

The AUD fell during yesterday’s session breaching the 0.71 level and reaching down to the 0.7050 level. The market is expected to continue with its downward momentum and could break down below the 0.70 level, which will create a lot of noise in the market. Until US-China trade relation improves, the market will continue to be under selling pressure and sell on rallies will be the right play for this market. …Read More

USD/JPY

The USD broke down significantly during the yesterday’s session reaching down to the 112 level and break below could open the doors towards the 111.50 level. The 61.8% in Fibonacci scale is an important level as the pair had rallied previously from this level. The market will continue to be volatile and trading with a bit of downward pressure, perhaps reaching towards the 111 and 110 level. …Read More

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