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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – January 4, 2018
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EUR/USD The pair drifted a little lower during the Wednesday's session reaching towards the 1.20 level and also filled the gap from the previous session.
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EUR/USD
The pair drifted a little lower during the Wednesday’s session reaching towards the 1.20 level and also filled the gap from the previous session. This level has been resistive in the past and now providing support to the pair. Overall the strong momentum is likely to continue in the market as the dollar is going through rough weather and could reach towards 1.21 level which is an important psychological level for the market. Beyond that, it will be a buy and hold scenario in the market. Pullbacks continue to be buying opportunity in the market. …Read More
GBP/USD
The pair initially went sideways during the Wednesday’s session but then dropped a bit from there. The pair is now testing for the support around at 1.3550 level and most certainly at 1.35 level. The market will find enough buyers to pull this market higher as the general uptrend is still intact. Going forward, there will some volatile movements in the market ahead of the release of job number data from the US. The 1.3650 level is going to be the next target for the market and breaking above will signify a very bullish move. …Read More
AUD/USD
The AUD initially dropped during the Wednesday’s session filling the gap from Tuesday’s session and then continued to go higher, perhaps reaching towards the 0.79 level and 0.80 level eventually. A break above this level will be quite important for the market as its importance going back decades. Softening dollar index and rising gold prices is providing the much-needed support to this pair to continue higher. The 0.75 level is going to be the floor of this market in event of any downturn. …Read More
USD/JPY
The US dollar traded mostly sideways against the JPY during the Wednesday’s session hovering above the 112 level. If the pair breaks down below there, it is likely to find enough support around the 111 level. The market is believed to be waiting for the job numbers coming this Friday which will set the overall direction of the market. This pair is a very risk sensitive pair and is greatly affected by any economic and geopolitical issues. If the overall attitude of the stock market is positive then the pair will also rise with it. …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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