EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – October 13, 2017

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Published: Oct 13, 2017, 08:58 UTC

EUR/USD The pair consolidated on a downward direction on Thursday's session after reaching the highs of the day at 1.880 level. This consolidation seems

EUR/USD

The pair consolidated on a downward direction on Thursday’s session after reaching the highs of the day at 1.880 level. This consolidation seems like a momentum-building exercise for the pair before moving further higher. The market is now well supported by 1.18 handle and the long-term view remains positive with the target of 1.21 and 1.25 levels. Any short-term pullback in this market will be a good buying opportunity and the market will remain volatile due to lot news going around on the rate hike issue. …Read More

GBP/USD

During the yesterday’s session, the pair fell apart below the 1.32 level showing extreme signs of weakness. The market is now testing the 1.31 level underneath, an area that has been supportive in the past and has bounced from here. The support for the market extends up to 1.30 level but if it breaks below then it will be very negative for the pair. Going ahead, the market is expected to remain volatile and should watch for further direction of the market before making any position. …Read More

AUD/USD

The pair rallied significantly during the yesterday’s session breaking above the 0.78 level and is getting buyers in this level to pull it higher. Now, this level will become a support level for the market and be using this to go higher towards the 0.79 level followed by important psychologically level of 0.80. The recent rally in gold prices towards the $1300 level is providing the much-needed support to this market. …Read More

USD/JPY

The USD was mostly sideways during the Thursday’s trade against the Japanese yen, trading above the support level of 112.25. The pair continues to remain volatile as it is going through a lot of news lately relating the US job data, FOMC meeting, US inflation data. The support for the pair extends up to 111 level which is also a strong support point and if it breaks down towards this level, it will be a nice opportunity to go long. The strength in the global stock market and rising interest rates in 10-year treasury market in America also favours this market and will help to continue the upward trajectory. …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.