EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 16, 2017

By:

Published: Aug 16, 2017, 08:17 UTC

EUR/USD The pair traded on a negative bias on Tuesday's session. It went below the key support level of 1.17 but managed to close above. The weakness in

EUR/USD

The pair traded on a negative bias on Tuesday’s session. It went below the key support level of 1.17 but managed to close above. The weakness in the market was attributed to strong US retail sales data than anticipated. If the market sustains above the 1.17 level, then fresh buying will take the market upside. If it breaks below the 1.1675 level, then it may go down towards the 1.15 level which is a strong support zone. The market is closely following the ECB and Federal Reserve to take a cue from it. …Read More

GBP/USD

The market went south through the day on Tuesday, breaking the 1.2950 level in the last part of the session. The pair will have next support at 1.2850 and if it breaks the level, then the market will turn very bad. Until the pair breaks the 1.3050 level again, it will be difficult to get any new buyings. The selling pressure is due to the trend reversal in the dollar which was weak for the past couple of weeks and traders favouring the dollar. Volatility in the market will be there with downward pressure. …Read More

AUD/USD

The AUD initially tried to rally but found enough resistance around 0.7875 level to break down. The pair is highly influenced by the gold market, and premium in the gold prices are expected to fall as tension between the North Korea and the US is cooling off which earlier triggered the price rise in the dollar. Any short term rally will be seen as selling opportunity and pair is expected to face resistance in the upper levels. …Read More

USD/JPY

The pair went upside with strong momentum breaking the significant 110 level which is a bullish sign. The break in the upside will fuel the market to continue upside momentum. If the pair sustains over the 110 level then. it will attract fresh buying in the market. The pair is subjected highly sensitive to risk appetite, and trader should watch the stock markets around the world for future trends. …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.