Forex Daily Outlook – August 17, 2018

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Published: Aug 17, 2018, 11:01 UTC

EUR/USD The Euro rallied slightly higher during the Thursday's session reaching towards the 1.14 level but due to the presence of strong resistance above,

EUR/USD

The Euro rallied slightly higher during the Thursday’s session reaching towards the 1.14 level but due to the presence of strong resistance above, the market rolled over a bit. The break above 1.14 level will be extremely difficult for the market and unless Turkey’s crisis settles down, the market will continue to witness selling pressure. The 1.13 level underneath will be the target for the market and if it breaks below there, it could reach towards the 1.10 level. …Read More

GBP/USD

The British Pound initially tried to rally above the 1.12750 level in the yesterday’s session but failed in its attempt and rolled over. As the market failed to break above the key 1.2750 level, short-term bounces will continue to offer a nice selling opportunity. The 1.27 level underneath is a minor support for the market and once it breaks below then next target for the market will be 1.25 level. …Read More

AUD/USD

The AUD rallied during the yesterday’s session but later in the day sellers are seen getting involved pushing the price lower. The 0.73 level above is a massive resistance and the market is lacking enough momentum to break above and it will not be a surprise that the market rolling over further lower towards the 0.72 level. If the market breaks above the 0.7350 level, then the market can probably go towards the 0.75 level. …Read More

USD/JPY

The pair initially rallied higher in the yesterday’s session but gave back the gains as the market continues to witness a lot of choppiness. The pair is largely affected due to the concerns related to trade wars between China & US and Turkey’s situation. The pair has a large psychological support at the 110 level and if it breaks there then it will be a negative development and will reach down towards the 109 level. …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.