EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 10, 2017

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Published: Aug 10, 2017, 06:35 UTC

EUR/USD The pair has moved in a sideways direction with some to and fro movements in Wednesday's session. The pair consolidated above the 1.17 handle and

EUR/USD

The pair has moved in a sideways direction with some to and fro movements in Wednesday’s session. The pair consolidated above the 1.17 handle and if it breaks the 1.17650 handle in next couple of session, it will press itself to go higher. The two big pull back happened in the previous session after the job data from the US is concerning the market and expecting to get more like those. The pair has good support on 1.1680 and if it breaks the level then it will dive towards 1.16 level. …Read More

GBP/USD

The pair consolidated around the 1.30 level during the day on Wednesday. The market is a bit tough to trade, as it is difficult to ascertain in which direction it will move. If the pair breaks the 1.3050 level, then it will see upside movement towards 1.32 level. The strength of the dollar against other currencies needs to be carefully watched. If the pair breaks the important level of 1.30, then the bear will take the grip of the market and will take towards 1.2850 level. …Read More

AUD/USD

The AUD initially tried to move lower but it managed to get a bounce only to fall apart during the day on Wednesday. The recent disturbance in the North Korean peninsula is affecting the market. The recent selling the pair from the upper level close to 0.80 has indicating of an upcoming downtrend. The market is expecting to test the 0.7750 level underneath which was its strong resistance barrier but was not tested as a support level during the previous rally. The traders should take the cue from the gold market and the dollar performance against other major currencies to build up a strategy to play this market. …Read More

USD/JPY

The pair traded amidst volatility due to the disturbance in geopolitics relating to Noth Korea and the United States. The pair broke the important psychological level of 110 during the day. The break of this support level is very negative for the market and will see sellers return in the market. The next support level will be 109 underneath and if the pair breaks the 110.25 level then we can see the rally to begin. Traders should exercise a caution while trading in this particular 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.