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Daily Forex Outlook – March 20, 2017
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EUR/USD The pair is now approaching the strong resistance at 1.08 and considering that the rise has been pretty quick, we believe that it might need to
EUR/USD
The pair is now approaching the strong resistance at 1.08 and considering that the rise has been pretty quick, we believe that it might need to take some rest and correct a wee bit in order to build enough momentum to launch itself towards the higher targets in 1.10 and further. On the downside, the support is likely to come at around the 1.0700 and also around the 1.0600 even further down. All in all, some choppy trading sessions are ahead. …Read More
GBP/USD
The pair has managed to rise quite a bit over the last few days last week ever since the BOE statement said that one of the members had voted to hike. The pair has risen towards 1.24 but it is currently facing some strong resistance over there and looks ideal for some correction. It remains to be seen how far the correction would go and what impact the invocation of Article 50 is likely to have on the prices. …Read More
AUD/USD
The paid has started the day strong on the back of comments and statements from the G20 meeting and has managed to break through some resistance at 0.7719 and gone as far as the main resistance at 0.7740. A break of this region would signify the change of the main trend to up but a failure here could mean that a short term top is visible which is good as the pair has been rising for 7 days straight and hence the buyers need some rest to wind up again. …Read More
USD/JPY
The pair has been in a correction mode over the past few days and this is expected to continue towards the middle 111s before any sort of bounce is likely to take place. The weekend saw the G20 removing the reference to protectionism from its statement which is seen as a victory for Trump and hence is likely to help the dollar in the long term. …Read More
About the Author
Colin Firstauthor
Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.
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