Forex Daily Forecast, Analysis and Prediction

After a strong rally which took the NZD/USD from its support zone through its 38.2, 50.0 and 61.8 Fibonacci Retracement Fan Resistance Levels, price action has struggled to keep the uptrend alive.

The EUR/AUD has completed a breakout above its support zone which is located between 1.59054 and 1.6012, marked by the grey rectangle in the chart.

Following a series of Brexit defeats for the Johnson government in the UK, markets started to price out a no deal Brexit which resulted in a sharp rally in the British Pound off of multi-years lows.

USDCAD: Confused technical picture

USDCHF Analysis: Very range-bound

GBPUSD: Bullish but major round number ahead at 1.2500

EURUSD: Supported above 1.1000

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As global financial markets have entered a risk-on face, asset rotations have resulted in heavy selling pressure in the Japanese Yen.

The ECB delivered a 10 basis point interest rate cut in its deposit facility rate to -0.50% and announced the restart of its QE program starting November 1st 2019 at a pace of €20 billion per month, open ended.

The USD/CHF accelerated to the upside as the rise in risk-off sentiment resulted in forex traders rotating out of the safe-haven Swiss Franc.

The Australian economy is heavily exposed to the Chinese one and the Australian Dollar is the top Chinese Yuan proxy currency.

The British pound fell initially during the trading session on Thursday but found enough support underneath the 50 day EMA to turn around of form a bit of a hammer.