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Forex Daily Outlook – October 26, 2018

Colin First
S & P 500 daily chart, September 24, 2018

EUR/USD

The Euro initially tried to rally in the Thursday’s session but then turned around to make a fresh new low. The pressure in the market came just after the ECB press conference suggesting of EU won’t be leaving the Brexit unharmed either. The pair is now close to a major support level at 1.1350 level that extends down to the 1.13 level. The 1.1450 level is now a major resistance point for the market and will be difficult to cross over without any external push. …Read More

GBP/USD

The British Pound has fallen significantly during yesterday’s session breaking below the 1.2850 level, a sign of extreme weakness in the market. With Brexit negotiations are in the final stage and headlines will keep the market under pressure and is also a major issue in the market. The next support in the market stands at 1.28 level and break below could send the pair further down towards the 1.25 level. …Read More

AUD/USD

The consolidation in the AUD continued through the yesterday’s session as it hovered between the 0.7050 level and 0.71 level. The market is deeply affected by the deteriorating US-China trade relations and has lost all the positive momentum. In the medium term, the market is likely to test the 0.68 level before bouncing higher, but again it needs a significant change in sentiment. …Read More

USD/JPY

The USD has rallied during the yesterday’s session but is facing trouble near the 112.50 level. Until there is an improvement in the sentiment in the global stock market and the Fed steps back into rising interest rates, the pair expected to trade under pressure. The 111.50 level underneath, is the major support point and in alternate case, if it breaks above the 113 level, it will be very bullish. …Read More

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