EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – May 16, 2018

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Published: May 16, 2018, 08:30 UTC

EUR/USD The pair break down significantly during the yesterday's session reaching the lows the recent downtrend. The pair is now testing the 1.18 level

EUR/USD

The pair break down significantly during the yesterday’s session reaching the lows the recent downtrend. The pair is now testing the 1.18 level for support but it is likely to broken given the negative buildup on the back of strengthening dollar. The next major support is at 1.15 level underneath, the area which has significant importance in the long term chart. …Read More

GBP/USD

The British Pound fell down signifcantly during the yesterday’s session reaching the 1.3450 level, as the USD continues to witness a lot of strength. Yesterday’s breakdown has been negative for the market and likely to break further. The 1.33 level will be offering short-term support and 1.30 level is going to be the long term target as Federal Reserve is the only central bank in the world looking to hike interest rates. …Read More

AUD/USD

The AUD has fallen significantly during the yesterday’s session slicing through the 0.75 level. The market is likely to continue to witness a lot of selling pressure eventually reaching 0.74 level and much lower. Going forward, the market will continue to remain noisy as lack of support from gold market and strengthening USD which will continue to pull this market lower. …Read More

USD/JPY

The USD finally broke above the 110 level against the JPY in yesterday’s session after struggling for last several sessions. The market now is likely to target the 112.50 level and 114.50 level in the short and medium term. With strengthening USD on the back of rising interest rates and Bank of Japan continuing with its QE policy, the market will continue to witness a lot bullish pressure eventually moving much higher. …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.