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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 18, 2017
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EUR/USD The pair fell significantly towards the 1.17 handle during the day on Thursday but managed to bounce back during the American session. The day's
EUR/USD
The pair fell significantly towards the 1.17 handle during the day on Thursday but managed to bounce back during the American session. The day’s movement has created a hammer pattern on the daily candlestick chart pattern which is a strong reversal pattern. The bounce from the key 1.17 level in the past three sessions has given enough momentum to the market to go higher and break the 1.18 level. The market will be on buyer’s radar if it can stay above 1.1675 level. …Read More
GBP/USD
The market initially tried to rally a bit but found enough resistance to fall back and retest the 1.2850 support level. The market is continuing in a consolidation phase in the current level. If the market gives the daily close below the 1.2850 level then it would send the market lower towards the 1.27 level and if it breaks above the 1.29 level then 1.30 level will be its next target. The market is expected to hold the current levels. Both the currencies are facing a lot of headwinds relating to Fed’s dovish view in rate hike and Brexit issues. …Read More
AUD/USD
The AUD initially tried to rally on Thursday’s trade session but absence enough strength in the pair moved the prices lower towards 0.79 level. If it breaks below the key 0.79 level, then it will enter a bearish phase and go well towards the 0.75 handle underneath. The correlation of the gold market with AUD will have significant influence in the pair and it is important to watch the movement of both market. …Read More
USD/JPY
The market has been very volatile in the past 24 hours, losing all the gains from the upper levels. The pair is currently moving around the 110 level. The market is expected to continue choppy and is likely to see buying into the market at lower levels. If the market breaks above the highs of the day again, then the market will continue to move 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.
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