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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 20, 2017

By:
Colin First
Published: Dec 20, 2017, 07:55 UTC

EUR/USD The market continues to be very volatile as it approaches the holiday season when the volume in the market falls. Overall, positive market

Tuesday Support and Resistance Levels – November 21, 2017

EUR/USD

The market continues to be very volatile as it approaches the holiday season when the volume in the market falls. Overall, positive market sentiment will take this market higher towards the 1.20 level and above. On the weekly chart, the pair is forming a bullish flag which is indicating a good year for euro in 2018. Pullbacks in the market will offer value and once it crosses the 1.21 level then the market will be “buy and hold” situation. Ultimately, the 1.15 level is going to be the floor of this market. …Read More

GBP/USD

The British Pound was very volatile during the Tuesday’s session, initially trying to rally but then rolled over to reach the 1.3333 handle. Given enough time, the buyers are likely to get involved and take the price higher towards the 1.35 level. If the pair breaks below the 1.333 level then it is likely that it would go much lower towards the 1.31 level. The market will remain volatile as the negotiations between the UK and EU on Brexit gains momentum. …Read More

AUD/USD

The AUD was traded weak against the USD in Tuesday’s session after initially moving slightly higher. A break below the 0.7625 level will send the pair towards the 0.75 level and is more likely that the market will fall in renewed hopes tax reform bill getting passed by Congress in the US. Anyways this market will be dominated by the USD and lack of support from gold prices will keep the pair under pressure. Not until this market clears above the 0.80 level, selling pressure will remain. …Read More

USD/JPY

The USD jumped higher against the Yen during the Tuesday’s session after initially moving sideways. The surge was mainly because of the stock market in the US and the traders jumping in the currency market to the upside. Favourable interest rate differential between the two economies will support this market higher in the longer term. The market will remain volatile in the next few session due to thin trading volume as the holiday season approaches. A break above the 113.75 level will send this market higher towards the 114.50 level. …Read More

About the Author

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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