EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – July 19, 2017

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Updated: Jul 19, 2017, 09:34 UTC

EUR/USD The pair rallied during the Tuesday's session and broke the 1.15 level which was a strong resistance zone for the past 3 years. The pair finds its

EUR/USD

The pair rallied during the Tuesday’s session and broke the 1.15 level which was a strong resistance zone for the past 3 years. The pair finds its support in the region and is looking for next target of 1.18 level. The strong momentum in last three sessions is due to the weak economic data from the US, Fed’s decision to go easy on rate hike and Trump administration’s struggle to push legislations. Looking ahead to the day, the momentum should continue forward and traders are looking to take new positions on dips. …Read More

GBP/USD

The pair tried to rally yesterday before correcting itself after the CPI results of the United Kingdom was out. Due to the less than expected results, the pound corrected itself back to lower levels. In addition, with the weak economic data from the United Kingdom, traders should take calculative buy/sell decisions on this pair. …Read More

AUD/USD

The pair rallied through the day to 0.79 level breaking the resistance level of 0.7750 on Tuesday’s session. The breakout clearly is a bullish sign and will continue to go higher at 0.80 level which will be its next target. The rally in gold prices helped the pair to move higher. The pair has a high degree of correlation to gold markets. Any, bid to break the 0.80 level will result in more buying coming into the market. …Read More

USD/JPY

The pair fell through the 112 level during yesterday’s session and tried to break above the level in later part of the day. 112.30 level will be the important level to watch for, if it breaks above that level it will move towards 113 level. If the pair fails to break above then it is likely to fall towards 110 level. There is a lot of volatility in the market and the pair is affected by the risk appetite of the world. The markets will watch for the inflation numbers from the US, which can fix the direction of the 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.