EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – January 11, 2018

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Published: Jan 11, 2018, 08:47 UTC

EUR/USD The pair turned extremely volatile during the yesterday's session as it bounced higher to reach the 1.20 level and above but got enough resistance

Wednesday Support and Resistance Levels – December 20, 2017

EUR/USD

The pair turned extremely volatile during the yesterday’s session as it bounced higher to reach the 1.20 level and above but got enough resistance there as this is an area which was previous support. A break above 1.20 level will be a bullish move for the market and then could reach towards the 1.21 level after that. Going forward, the pair is expected to remain volatile as the softening of US dollar is likely to continue and also the yields in America have started to rise again, but there is also expected for tightening of monetary policy by ECB in the future. …Read More

GBP/USD

The pair was in a back and forth movement during most part of the session during Wednesday as it tested for the support near the 1.35 level. The pair is consolidating in between 1.35 level and 1.36 level on the top. Given enough time, it is expected that buyers will enter this market which will take this market higher towards the 1.3650 level and above which is a massive resistance zone. If the pair breaks down below 1.35 level then the market will possibly reach towards the 1.34 and 1.33 level eventually. …Read More

AUD/USD

The AUD initially went sideways during the Wednesday’s session as it got enough support at 0.78 level to move considerably higher towards the 0.7875 level. The market continues to find buyers on dips as US dollar continues to be on the softer side. A break above 0.7875 level will ultimately send the market towards 0.80 level. Above this area, it will be a buy and hold scenario in the market. …Read More

USD/JPY

The pair had a free fall during the Wednesday session as it broke the 112 level underneath. The JPY is believed to gain significant strength against the dollar as the increased suspicion on Bank of Japan is going to stand away from the massive QE what we have seen for the past several years. The 111 level offers a significant amount of support and buyers are likely to get involved from here to take it towards the 112 level. If the pair breaks further from here, then it will be a very negative development. …Read More

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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.