EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – January 5, 2018

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Published: Jan 5, 2018, 08:55 UTC

EUR/USD The pair initially drifted sideways testing the 1.20 level for support during the Thursday's session but then got enough buying pressure to reach

EUR/USD

The pair initially drifted sideways testing the 1.20 level for support during the Thursday’s session but then got enough buying pressure to reach towards the 1.2075 level. Ultimately, the 1.21 level is going to be massively resistive and if the market can get above there then it will continue to reach much higher. The Non-farm payroll data from the US will keep the market much volatile today with 1.20 level is acting as a floor of this market with dips will offer a nice buying opportunity. …Read More

GBP/USD

The pair initially rallied a bit on Thursday’s session but lost momentum and is likely to test the 1.35 level underneath. Given enough time in the market, the pair is likely to reach towards the 1.3650 level, the area which is massively resistive and due to the gap post the surprise Brexit event. If it breaks above that area then the next target will be the 1.40 level, rather a long-term target. The market today is expected to be volatile because of the release of US job data. The 1.35 level and 1.333 level is going to be strong support zone. …Read More

AUD/USD

The AUD has gained a bullish momentum lately and will be an interesting currency to watch during the Nonfarm Payroll Announcement on Friday. The good set of a number will see a slight pullback in the market but it is believed that buyers will get involved to pick the value higher. The 0.78 level underneath is going to be massively resistive and the market is likely to target the 0.80 level in near terms. Above, this level the market will become more of a buy and hold scenario. …Read More

USD/JPY

The US dollar rallied a bit during the yesterday’s session but then pulled back to test the 112.50 level for support and then bounced towards the 113 level. If the pair clears the 113 level, then it could reach 113.50 level and 114 level eventually. A break above 115 level will be a buy and hold scenario in the market. The US job data numbers releasing today will keep this market choppy. …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.