Forex Daily Outlook – September 24, 2018

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

EUR/USD

The Euro breaks lower after testing the massively resistive 1.18 level in the Friday’s session, which was the top of the larger consolidation area. The pullback was also expected as the market had rallied significantly over the last few sessions. It is expected that the 1.17 level underneath is going to offer strong support to the pair and is likely to trade above this range for next couple of session to gain momentum to break higher. …Read More

GBP/USD

Still, with lack of consensus among the UK and European leaders on Brexit issues, the British Pound significantly fell lower during the Friday’s session reaching towards the 1.3050 level, which is also the starting of a major support point and extends down to 1.30 level. With the expectation of headlines related to Brexit crossing the market, the volatility in the market will be significantly higher. Trade with caution and going ahead such dips will continue to offer a nice buying opportunity. …Read More

AUD/USD

After rallying significantly in the last few session, the pair experienced some cooling down effect and tested the 0.7250 level underneath for support. The pair is likely to continue moving higher towards the 0.7350 level, which has been both a major support and resistant level. If it breaks below the 0.7250 level, then the market will experience some selling pressure and could drift down to the 0.7150 level. …Read More

USD/JPY

The pair initially tried to rally during the Friday’s session but continued to press against the downtrend line on the daily chart. Right now the pair seems highly correlated with the global equity market, and there will be a lot of back and forth movement. If it breaks above the 112.50 level, then it will be extremely bullish for the market and open the doors towards the 113 level and also will witness an influx of buyers. …Read More

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