EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 17, 2017

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Published: Aug 17, 2017, 08:15 UTC

EUR/USD The pair fell during the trading session on Wednesday, testing the 1.17 level which is the key support area of the pair. The level is offering

EUR/USD

The pair fell during the trading session on Wednesday, testing the 1.17 level which is the key support area of the pair. The level is offering quite an interest among traders as it has successfully retained the support level over the past two sessions. Looking forward, we have FOMC Meeting Minutes coming out during the day which may increase the volatility in the pair. A break above 1.1750 will see fresh buying into the market and if it closes below the support of 1.17, then it will probably go towards 1.15 level underneath. …Read More

GBP/USD

The market was largely sideways during the day on Wednesday, hugging the 1.2850 level. The market looks to seek direction from the Fed, on how it will implement the rate hike to fix its direction. The markets have to break the 1.29, 1.30, 1.3050 levels convincingly to attract new buyers and if it closes below the bottom range of yesterday’s trade, then it will probably go towards the 1.2750 level underneath. Currently, the selling pressure to likely continues in the market. …Read More

AUD/USD

The AUD rallied during the day on Wednesday but found 0.79 level to be bit resistive to cross over. The market will likely to witness selling pressure here if it fails to break above the 0.7925 level. If the market breaks the level, then it is poised to go much higher. In charts, the AUD has good long term support at the 0.7750 level. The market will continue to be volatile and trade with a negative bias. …Read More

USD/JPY

The pair inched higher during the day initially reaching towards 111 level, but retraced a bit to find support on the lower side. The market is expected to have enough momentum to move higher towards the 112.5 handle. Until the market stays above the 110 level, fresh buying will continue to support the pair. The market is expected to less volatile with upside trend. …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.