EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – January 12, 2018

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Published: Jan 12, 2018, 10:31 UTC

EUR/USD The pair gathered enough momentum during Thursday's trading session as it broke above the 1.20 level which is an important psychological level. By

EUR/USD

The pair gathered enough momentum during Thursday’s trading session as it broke above the 1.20 level which is an important psychological level. By breaking above the market will now try to reach towards the 1.21 level and above which is massively resistive. Short-term pullbacks in this market offer nice buying opportunity and probably the right strategy to play this market. Going forward, the vulnerability in the dollar will be the big advantage for this pair to rise higher. …Read More

GBP/USD

The pair initially went lower by reaching towards the 1.3450 level during the Thursday’s session but then found enough strength to bounce back to reach the 1.35 level above. Short-term pullbacks in the market offer nice buying opportunity and continue to move higher. The 1.3650 level above is massively resistive and a lot of noise is expected therearound. If the market breaks down to fresh new low, then it is looking for support around the 1.333 level. …Read More

AUD/USD

The AUD continued to rally during the Thursday’s session as it got enough support from the gold market and also from the weak dollar. The pullbacks in the market continue to offer value and it is expected that 0.78 level will be a major support level for the pair. If the AUD manages to break above the 0.80 level, then it will be a very positive development. Pick up in global growth will also support the pair to do well as Australia is the major supplier of the commodity to the world. …Read More

USD/JPY

The pair initially tried to rally higher during the yesterday’s session, reaching towards the 112 level but got enough resistance to pull back from where it started. The pair is likely to test for support near the 111 level and then possibly at 110 level. WIth Bank of Japan giving hints to step away from the QE and softening dollar is helping the JPY to gain strength. The pair is likely to get a bounce from 110 level. as it is also the 61.8 percent in the Fibonacci scale of the recent move and if it breaks 112 level above then it will continue to move higher towards the 113 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.