Forex Daily Outlook – August 16, 2018

Colin First
S & P 500 daily chart, July 11, 2018

EUR/USD

Euro drifted further lower during the Wednesday’s session reaching down to the important 1.13 level. The market is likely to get a bounce from here but will not be a significant one as the negative sentiment still dominates the market. Going forward, selling on rallies will continue to be the right strategy to play this market unless and until it breaks above the 1.15 level. …Read More

GBP/USD

The British Pound continued to fell during the yesterday’s session reaching down to the 1.27 level as the market has turned overly bearish. If the market breaks below the 1.27 level, then it will unwind rapidly towards its next psychologically important level, the 1.25 level. The 1.2750 level on top has turned significantly resistive as it was the previous support. Until the market comes out of the Brexit concerns, it will continue to trade negative. …Read More

AUD/USD

The AUD traded with a negative proclivity during the yesterday’s session hovering around the 0.72 level as the overall market continues to softness in risk appetite. The AUD very sensitive to the global risks and because of this, the market is likely to continue noisy and volatile. The market needs to break above the 0.73 level above and 0.75 level in order to gain significant bullish momentum. …Read More

USD/JPY

The USD fell hard during the yesterday’s session against JPY in a risk-off move testing the 110.80 level underneath for support. Currently, the market continues to favour the USD but this market is an exception and given enough time, traders are likely to pick this market up in a safety bid. The 110.50 and 110 level underneath continues to offer strong support to the pair and dips in the market will be a nice buying opportunity. …Read More

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