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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – February 23, 2018

By:
Colin First
Published: Feb 23, 2018, 10:04 UTC

EUR/USD The pair rallied a bit during the yesterday's session reaching towards the 1.2350 level that has been resistive in the past. If it breaks above

currencies

EUR/USD

The pair rallied a bit during the yesterday’s session reaching towards the 1.2350 level that has been resistive in the past. If it breaks above this level, then it could reach towards the 1.25 level and even higher. A break down from here could lead the pair reaching towards the 1.2270 level and then towards the 1.21 level. The market is expected to continue choppy and US Dollar will remain a driving force for this market. …Read More

GBP/USD

The pair shot higher during the yesterday’s session trying to reach towards the significantly resistive 1.40 level. The market is now hovering around the 50 EMA on the hourly chart and is likely to get some selling pressure. The market in this region is trying to build up enough momentum to continue higher. The 1.38 level and 1.3650 level is the massive support line for this market and a break could be extremely negative for the market. …Read More

AUD/USD

The AUD turned around during the yesterday’s session from the 0.78 level as support. It looks that the buyers are returning to the market and is aiming for the 0.79 level and above which could send this market higher towards the 0.80 level. Dips in the market continue to offer value and a breakout above 0.81 level will be a buy and hold strategy in the market. In the alternate scenario, if the market breaks below the 0.78 level then 0.7750 level will offer some amount of resistance. …Read More

USD/JPY

The pair has fallen significantly during the yesterday’s session as it got enough resistance at the 107.50 level. On the hourly chart, it is receiving some amount of bounce which could send this pair again towards the 107.50 level. Because of this, it can offer value for very short-term traders and also has formed a hammer candle on the hourly chart. Alternatively, if this market breaks below the 106.50 level then the market could probably drop towards the 105.50 level which could wipe the entire move higher. …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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