Forex Daily Outlook – September 20, 2018

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Published: Sep 20, 2018, 08:33 UTC

EUR/USD The Euro initially rallied during the day on Wednesday but is facing stiff resistance at the neckline of an inverse head and shoulders pattern

EUR/USD

The Euro initially rallied during the day on Wednesday but is facing stiff resistance at the neckline of an inverse head and shoulders pattern that is formed on the daily chart. Because of this, the market is likely to remain skittish and traders will wait for a clear signal. The market is expected to continue noisy and given the trade wars, USD will experience pressure and “buy on dips” will be the right strategy to continue in this market. …Read More

GBP/USD

The British Pound continued to be extremely noisy during the yesterday’s session as a lot of rumours and news relating the Brexit crossing the market each day. The pair continues to successfully hold above the 1.3125 level, as the bullish sentiments prevail in the market. Given enough time, the pair will easily break above the 1.32 level and will continue to move higher further. …Read More

AUD/USD

The AUD rallied in the yesterday’s session reaching towards the 0.7250 level, which has a certain amount of resistance. If it breaks higher from here, then it will open the door towards the 0.7350 level. Also, AUD is highly sensitive to all the developments in the US-China trade war, which will keep it under pressure. The 0.7150 level and 0.70 level underneath will continue to offer strong support to the pair. …Read More

USD/JPY

The USD struggled a bit to move higher against the JPY during the yesterday’s trading session as there is a major downtrend line around the 112.50 level. Also, due to increasing trade wars dispute, USD is likely to come under selling pressure. Pullbacks in this market are not necessarily to be sell signal unless and until it breaks below the 111 level. If it manages to break above the downtrend line, then it will go much higher. …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.