EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – May 11, 2018

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Published: May 11, 2018, 08:48 UTC

EUR/USD The pair rallied during the yesterday's session reaching towards the 1.19 level which is its major resistance barrier. The yesterday's rally is

EUR/USD

The pair rallied during the yesterday’s session reaching towards the 1.19 level which is its major resistance barrier. The yesterday’s rally is due to lower than anticipated CPI number from the US which resulted in a cheap dollar. The market has strong support at the 1.18 level and if it succeeds to break above the 1.19 level then the bullish momentum will continue. …Read More

GBP/USD

The British Pound was volatile in the Thursday’s session trying to break below the 1.35 level but there is a major support line underneath. The next few sessions will be volatile as the lower than anticipated CPI number came out from the US. Overall, the market will continue to trade weak and should reach the 1.33 level and 1.30 level eventually in the medium term. …Read More

AUD/USD

The AUD managed to rally during the yesterday’s session reaching the 0.7525 after the CPI number came out lower than anticipated. The 0.75 level was a major resistance level and now it has crossed this level, the market is likely to hold this level and move higher and once it breaks above the 0.7575 level, it will confirm the positive momentum. …Read More

USD/JPY

The US dollar fell significantly during the yesterday’s session after CPI number missed estimates. The market has pulled back towards the 109.25 level which has been resistive in the past and is now likely to offer support. The pair will take several attempts to break above the 110 level as it is massively resistive and once it clears above then it should reach 112 level. The 108.50 level underneath is a strong support 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.