Forex Daily Outlook – October 3, 2018

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Published: Oct 3, 2018, 08:40 UTC

EUR/USD The Euro fell during the Tuesday's session reaching towards the 1.15 level but got enough support to bounce higher. The pair has been

EUR/USD

The Euro fell during the Tuesday’s session reaching towards the 1.15 level but got enough support to bounce higher. The pair has been consolidating between the long range of 1.15 and 1.18 level for some time now. Occasional pullbacks like this will offer a potential buying opportunity and likely to attract enough buyers as the market are currently at extremely cheap levels. A break below 1.15 level will send a negative signal and break the market towards the 1.14 level. …Read More

GBP/USD

The British Pound traded with a negative proclivity during the yesterday’s session slicing through the 1.30 level and the previous uptrend line. Technically it is a very negative development and may catch the attention of long-term traders. The pair is currently trading at a crucial juncture and should avoid opening any new positions until any clear move either side. …Read More

AUD/USD

The AUD had a negative move in the yesterday’s session breaking below the 0.72 level in a bit of risk-off move. The pair is likely to find plenty of support near the 0.7150 level but also bearish pressure should continue as AUD is highly sensitive to Sino-US trade relations. If the pair breaks the 0.7150 level, then it will be looking towards the 0.70 level and much lower. …Read More

USD/JPY

The USD was initially trading sideways in the yesterday’s session but got caught in a little bit of pressure in the European session resulting in slight correction down to the 113.50 level. The current interest rate differential favours the USD and in the long term, this pair is likely to break the 114.50 level and above. Buying on dips will be the right strategy to play this market, with support extending down to 113 level. …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.