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Forex Daily Outlook – October 4, 2018

Colin First
EUR/USD daily chart, October 04, 2018

EUR/USD

The Euro initially tried rallying higher during the Wednesday’s session but then started sliding down and broke through the 1.15 level. This is a very negative development for the pair as the 1.15 level is a very important level in the long-term chart. The Italian debt crisis and hawkish outlook from Fed on rate hike are likely to keep the market under pressure in the short term. …Read More

GBP/USD

The British Pound continues to trade volatile and has broken below the 1.30 level in the yesterday’s session and is currently trading near the 1.2940 level. The break below 1.30 level is an extremely negative development and is likely to correct further. The market is currently driven by the Brexit headlines and strength in USD is also keeping the pair under pressure. The next important support at the market is placed at 1.2850 level. …Read More

AUD/USD

The AUD sliced through the key support level of 0.7150 level in the yesterday’s session as the currency market continues to remain volatile and uncertain. For AUD, the next major support is at 0.71 level, followed by 0.70 level. As AUD is highly influenced by the Chinese economy, the deteriorating US-China trade relations will have an extremely negative effect on the performance of AUD. …Read More

USD/JPY

The USD continues to move higher during the yesterday’s session but the 114 level is still offering a bit of resistance. The overall strength in the USD against all the major currencies is also supporting this pair to move higher. The next few sessions are likely to be choppy as job numbers from the US coming out on Friday. Pullbacks will continue to offer a nice buying opportunity with a crucial support at 113 level. …Read More

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