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Forex Daily Outlook – October 17, 2018

Forex Daily Outlook – October 17, 2018

EUR/USD

The Euro traded on a choppy note during the Tuesday’s session as it was trying to find some grip around the resistive 1.16 level. The market has been moving accordingly to the Brexit and Italian debt crisis headlines which is keeping the market under some pressure. If the pair can break above the 1.16 level, then it can easily reach towards the 1.17 level, an area that was important a couple of times in the past. However, the market is still moving inside the long-term consolidation phase of 1.15 and 1.18 level. …Read More

GBP/USD

The British Pound continues to struggle around the 1.3250 level, which has become excessively resistive and a break above this level will be an extraordinarily strong sign which will send the pair towards the 1.35 level. Until it breaks above, the market will continue to be volatile and Brexit headlines will also affect the market. The market could witness significant buying interest around the 1.31 and 1.30 level, all which are strong support points. …Read More

AUD/USD

The AUD is trying to move higher after being beaten down in the past several sessions as the fears of US-China trade relations fades in but the situation has not totally reversed. Until the pair breaks above the 0.7250 level which is a major barrier, the market will continue to trade under pressure. The 0.71 and 0.70 levels underneath are the strong support points and the market is likely to hold on the levels. …Read More

USD/JPY

The pair retraced from the 61.8% of the Fibonacci level at 111.50 level, an area which has been important in the past. The market currently is under the technical influence and as it stabilized, fundamentals will again be the focal point and pair could start rally significantly on the back of wide interest rate differentials. The 113 level looks to be the next natural target and if it breaks above then the next target will be 114.50 level. …Read More

 

This article was originally posted on FX Empire

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