EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – April 16, 2018

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Published: Apr 16, 2018, 08:04 UTC

EUR/USD The pair traded in a sideways direction around the 1.2325 level during the Friday's session as the level above is a bit resistive. In the short

EUR/USD

The pair traded in a sideways direction around the 1.2325 level during the Friday’s session as the level above is a bit resistive. In the short term, decreasing risk appetite of traders around the world will keep the market under pressure and also volatile. The 1.23 level underneath is a strong support level, just like the general uptrend line below. Once it clears the 1.24 resistance barrier, the market will most certainly move towards the 1.25 level and above. …Read More

GBP/USD

The British Pound rallied significantly during the Friday’s session reaching the 1.43 level but as it got strong resistance above, it lost most of the gains at the end. Looking ahead, the pair will continue to trade with a bullish sentiment trying to break above the 1.43 level. The 1.42 level underneath is a strong support for the pair and pullbacks will continue to attract buyers. …Read More

AUD/USD

The AUD initially rallied during the Friday’s session reaching the 0.78 level but due to significant noise above it rolled back and in the process, it formed a shooting star candle in the daily chart which is a negative sign. The market now is believed to move in a very tight range and need strong upside momentum to break above the 0.78 level and then 0.79 level eventually. …Read More

USD/JPY

The USD went higher during the Friday’s session reaching the 107.80 level but got enough resistance to roll back and sliced through the 107.50 level. The market still needs to build up significant momentum to cross above the significant 108 level as the market is very volatile. A breakdown below 106.50 level will be negative for the market and will send this market further lower towards the 105 level. …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.