EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 24, 2017

By:

Published: Aug 24, 2017, 07:55 UTC

EUR/USD The pair had a sideways movement at the start of the session but then shot higher as it moved during the day on Wednesday. The overall trend in

EUR/USD

The pair had a sideways movement at the start of the session but then shot higher as it moved during the day on Wednesday. The overall trend in the markt is bullish. THe dollar continued to be weak as expected and strong manufacturing data from the European Union also supported the market. Yesterday’s address of the ECB President Mario Draghi had not much negative on the currency. Looking ahead, in long term charts the market is looking fairly bullish with the target of 1.20 with 1.17 level will be the floor in the market. …Read More

GBP/USD

The pair had a choppy session with a negative bias. It has broken the key support level of 1.28 which is a bearish sign for the market. Any rally in the market around 1.2850 level will be a selling opportunity. Overall, the market will continue to be weak amid the negotiations of Brexit ahead. 1.29 level in the upside will be quite resistive and any fall below the day’s low will break the market towards 1.2650. …Read More

AUD/USD

The pair started on a quiet note on Wednesday, breaking below the 0.79 level but enough strength around the region helped to move higher above the key support level. The AUD is a very risk sensitive currency to the global macro environment and is highly influenced by the gold and global commodity market. If the pair breaks below the 0.79 level, it will go towards the 0.78 level underneath. …Read More

USD/JPY

The pair fell through out the session on Wednesday as it was a bit of a “risk off” type of situation. The pair will find a significant amount of support near the 108.50 level underneath and 110 level as a resistance zone. The market is looking forward to the address by Janet Yellen on Friday in Fed’s move. Until then the market will have a back and forth trading. …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.