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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – January 24, 2018
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EUR/USD The pair initially fell during the Tuesday's session but found plenty of support near the 1.2250 level to turn around to show signs of strength.
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EUR/USD
The pair initially fell during the Tuesday’s session but found plenty of support near the 1.2250 level to turn around to show signs of strength. However, the last couple of days the market has been consolidating as it was important because the market was overextended. If the pair breaks above the 1.23 level then the market is free to go higher towards the 1.25 level. Pullbacks will offer value with 1.21 level and 1.20 level underneath offers strong support. …Read More
GBP/USD
The pair initially rallied to break above the 1.40 level in yesterday’s session but found enough resistance to pullback as it was expected. With the weak dollar, this market is expected to continue trying to break above the 1.40 level and if it clears above then it could go much higher towards the 1.45 level. The 1.3850 level underneath is going to offer plenty of support and if it breaks further, then 1.3650 level is the next support. …Read More
AUD/USD
The AUD has fallen a bit during the yesterday’s session reaching the 0.7950 level underneath. A short-term bounce is expected as it continued to consolidate below the major level. The 0.79 and 0.7950 level is the major support region for the pair and the break above 0.80 level should send the market much higher towards the 0.81 level. Keep an eye on the gold prices for future trends and if the market breaks the 0.78 level then it will be a big negative development. …Read More
USD/JPY
The US Dollar continued to fall during the Tuesday’s trading session reaching towards the 110 level which offered a lot of support as it is also the 61.8 percent in Fibonacci scale. The market is expected to continue noisy as due to risk sensitive as it typically is. The 111 level above is a bit of resistance and breaking above could attract some buyers into the market. If it breaks down from here then it will reach the 107.50 level underneath which will wipe out the entire recent upside move from the bottom. …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.
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