Forex Daily Outlook – November 21, 2018
EUR/USD
The Euro tried rallying higher initially during the Tuesday’s session but failed around the 1.15 level, as it provided strong resistance. Since then, the pair has fallen significantly and has breached the 1.14 level, currently trading near the 1.1380 level. The market will continue to trade under pressure due to the Fed’s hawkish stance on raising interest rates. A break below 1.13 level will send the pair down towards the 1.10 level. …Read More
GBP/USD
The British Pound was extremely volatile during yesterday’s session bouncing around the 1.28 level. The market is too concerned with the Brexit headlines and 200 Day EMA is also proving to be massively resistive. The pair is expected to fall further and if it breaks below the 1.27 level, then the next major support will be at 1.25 level. …Read More
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AUD/USD
The AUD pulled back after reaching the 0.73 level, as the 200 Day EMA is providing resistance to the pair. It has breached the 0.7250 level and is currently trading around the 0.7230 level. The pair will continue to be sold on rallies due to weak fundamentals and if it breaks below the 0.72 level, then it will reach towards the 0.70 level. …Read More
USD/JPY
The USD initially pulled back during the yesterday’s session but found enough support underneath to bounce back higher. The 112 level underneath is a strong support for the pair, that extends down to 111.50 level and if it breaks down below these levels, it will be extremely negative. The 113 level has turned massively resistive and will be difficult to break above in current scenario. …Read More