Forex Daily Outlook – August 23, 2018

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Published: Aug 23, 2018, 08:50 UTC

EUR/USD The Euro rallied during the Wednesday's session breaking above crucial 1.16 level but pulled back as the area is massively resistive. The pair had

EUR/USD

The Euro rallied during the Wednesday’s session breaking above crucial 1.16 level but pulled back as the area is massively resistive. The pair had rallied significantly in the last two sessions breaking above multiple resistance levels and now has turned a bit overbought. It is likely to test for support underneath and if it breaks below the 1.1550 level then it can drop below the 1.15 level again. …Read More

GBP/USD

The British Pound had broken above the key 1.29 level in the yesterday’s session but pulled back later in the day as the region is massively resistive. With Brexit talks are heading into their final stages, the pair is likely to get very volatile and will react significantly to any minor events. The 1.30 level is going to be the ceiling of this pair and supports at 1.2850 and 1.28 level. …Read More

AUD/USD

The AUD was mostly sideways during the Wednesday’s session hovering around the 0.7350 level, an area which has importance in the long-term chart. The market will continue to remain choppy around this region as the concerns relating to trade wars, Turkish crisis and Brexit issues have not completely wanned out. If the pair breaks above the 0.74 and 0.7425 level, then it will gain enough momentum to break above the 0.75 level. …Read More

USD/JPY

The USD continued to remain volatile against the JPY as it hovered around the 110 level in the yesterday’s session. Given enough time, the pair is likely to regain the bullish momentum and will move further higher towards the 112.50 level. In the short term, the market is likely to consolidate between the 110 and 110.50 level as there are a lot of uncertainties in the global trade scenarios. …Read More

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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.