Majors Daily Forecast Oct 18 2017


EURUSD: Corrective Pullback Sets In.

As long as 1.1830 resistance holds on a daily closing basis, the EURUSD remains in a corrective pullback mode to the 1.1738 levels, a halt is likely but a cut will reverse risk to the downside to the 1.1769 levels, with a break below here opening the way to the 1.1585 levels, further down, support stands at the 1.1478 levels.

we have static support at the 1.1738 levels, any rebound to the upside will bring a selling opportunity in the short term forecast.

On the upside, resistance comes at the 1.1780 levels ahead of the 1.1830 levels, above 1.1830 will restore the upside momentum and challenge the 1.1880 levels, above 1.1880 resistance comes at the 1.1935 levels ahead of 1.1200/1.12059 levels.

Conclusion: The EURUSD continues to face corrective threats below the 1.1830 levels.

Today the focus will be on ECB President Draghi Speaks, Draghi may bring a selling opprtunity today!

blankGBPUSD: Sees Consolidations!

With GBPUSD breaking below 1.3225 levels, the focus has been turned to the 1.3130 levels, a halt is likely but a cut would open 1.3041 next, buyers may return here but if this fails to occur, further down will be seen to the 1.2908 levels ahead of the 1.2792 levels.

Note: minor resistance levels comes at the 1.3268 levels ahead of the 1.3305 levels.

On the upside, resistance remains at the 1.3325 levels, a daily closing back above this level will turn the focus again on the 1.3350/1.3442 levels…

Conclusion: The GBPUSD sees sideways move with possible to break lower.

Today the focus will be on U.K employment report, the U.K data may bring a selling opprtunity below 1.3305/1.3268 levels.

blankUSDJPY: Sees Recovery Threats!

outlook in USDJPY has turned neutral at the moment, support comes at the 111.70/111.33 levels while resistance comes at the 112.51 levels. On the upside, stability above support level could mean a return to the 112.51 levels, a break will reverse the risk tot hew upside to the 113.20 levels, with a break above here opening the way to the 113.95 levels, further upside resistance stands at the 115.00 levels.

On the downside, a daily closing below 111.33 is needed to eliminate the recovery threats, if seen the pair will aim the 110.25 levels ahead of the 109.23/109.54 levels.

Conclusion: Despite its immediate risk remains lower below 112.51 in the short term forecast, the pair still faces recovery threats above the 111.33 levels.