EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – January 29, 2018

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Published: Jan 29, 2018, 08:00 UTC

EUR/USD The pair continued to be very volatile on Friday and bounced just below the 1.25 level with 1.24 level offering bit of support. If this market

EUR/USD

The pair continued to be very volatile on Friday and bounced just below the 1.25 level with 1.24 level offering bit of support. If this market manages to break above the 1.25 level then it will continue to go higher towards the 1.30 level and 1.32 level eventually based on the bullish flag it made on the weekly chart. The bullish sentiment in the counter is likely to continue because of the continued weakness. The market breaking down is very unlikely and dips will provide right opportunity to enter the market. …Read More

GBP/USD

The British pound was volatile during the Friday’s session but was able to maintain the 1.40 level which is a psychologically significant level and would attract buyers into the market. As the US dollar is underperforming against most of the currency, this pair will also find buyers to take it higher. The longer-term target of the market remains at the 1.45 and 1.50 level. This pair is very well supported up to the 1.35 level and will attract buyers at every stage. …Read More

AUD/USD

The AUD is the biggest beneficiary in the ongoing weakness in the US dollar as it gained enough momentum to cross above the historically significant 0.80 level. The market is now well supported at this level and is likely to continue reaching higher towards the 0.85 level and then 0.90 level in the long term. The dips will attract more buyers into this market as the greenback suffers. …Read More

USD/JPY

The pair is going through a lot of negative news and is continuously falling downward. On Friday’s session, the pair broke below the 108.50 level and is now looking towards the 107.50 level or even lower. Short-term rallies in the market will be a good selling opportunity. The weakness in the US dollar is likely to continue because of lack of any positive trigger in the market. …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.