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

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Published: Oct 24, 2017, 08:45 GMT+00:00

EUR/USD The weakness in the pair continued through the Monday's session reaching down towards the 1.1725 level before making a slight upmove. If the

EUR/USD

The weakness in the pair continued through the Monday’s session reaching down towards the 1.1725 level before making a slight upmove. If the market breaks down from here, then it will turn extremely negative and is likely to fall towards the 1.15 level very quickly. With dollar expected to continue its strong momentum in the short term period, the market will largely be on sell on rallies mode. A break above the 1.18 level will see buying coming into the market which will help the pair to reach the 1.20 level eventually. …Read More

GBP/USD

The market was volatile throughout the Monday’s session initially moving higher towards the 1.3225 level but found enough resistance to turn around and fall back towards the 1.3160 handle. The market will be very choppy in the coming sessions as the Federal Reserve’s is going hawkish on the rate cut move so as the Bank of England. The market is expected to go higher from these level as this area is the major support area for the pair. …Read More

AUD/USD

The AUD went back and forth against the USD during most of the part in Monday’s session. The pair now has entered a very narrow range of 0.7850- 0.78 level. Going forward, the market will be very difficult to trade as Hawkish outlook from Fed is pushing the dollar index higher and also affecting the gold prices. If the pair can break above the 0.7850 level, then it will continue to go higher towards the 0.79 handle and 0.80 handle eventually. …Read More

USD/JPY

The pair gapped higher during at the Monday’s session as the Abe won the Japanese election comfortably. This is a very positive sign for the Nikkei and the soft monetary policy is expected to continue which will help the pair to scale higher. There are now multiple factors which will favour this pair to continue the bull run. Going forward, every dip in this market will be an excellent buying opportunity with 112 level acting as a floor to the market. A break above the 114.50 level will help the market to go much 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.